Oil falls on Fed signals and Hormuz talks

Oil prices declined significantly over the week after traders reacted to signals of a potential interest rate hike by the U.S. Federal Reserve to combat inflation, along with rumors of a deal to reopen the Strait of Hormuz. Brent crude closed at $89.31 per barrel, down by 0.43%, while West Texas Intermediate (WTI) fell to $83.40, down by 0.16%. Brent's decline exceeded 5% for the week, and WTI's dropped over 4%, amid expectations of increased flows through the strait due to rising tensions and the de-mining of area between Iran and the United States.

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