(RTTNews) – Oil prices traded higher on Friday but headed for a weekly loss amid renewed optimism about U.S.-Iran talks. However, both the sides are still at odds over Tehran’s uranium stockpile and future control of the Strait of Hormuz.
Brent crude prices traded up over 3 percent around $106 a barrel but were down nearly 4 percent for the week.
WTI crude futures were up 2.6 percent at $98.88 a barrel and headed for a weekly decline of around 6 percent.
With mediation in motion and Iranian officials reviewing Washinton’s latest peace proposal, U.S. Secretary of State Macro Rubio said there were “some encouraging signs” but warned of “other options” if talks fail.
Rubio criticized Iran’s efforts to regulate vessel movement through the Strait of Hormuz after reports emerged that Iran is discussing a permanent toll arrangement with Oman for ships transiting the crucial waterway.
Elsewhere, it was said that Egypt and Eritrea are exploring strategies to transform the Red Sea into a strategically critical waterway comparable to the Strait of Hormuz.
Media reports suggested on Thursday that Iran’s Supreme Leader has issued a directive that the country’s near-weapons-grade uranium should not be sent abroad.
Later, a senior Iranian official said no new order has been issued, calling the reports “propaganda by the enemies of the deal.”
Meanwhile, Iran has condemned new U.S. sanctions targeting its designated ambassador to Lebanon and other Iranian officials, terming Washington’s action as “illegal and unjustified.”
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