Post: Oil Prices Decline Amid US Federal Reserve Policy and Strait of Hormuz Developments

New york: Oil prices fell at settlement on Friday and also declined over the week, weighed down by the US Federal Reserve's inflation-fighting policy and reports suggesting a possible agreement on navigation through the Strait of Hormuz. According to Qatar News Agency, Brent crude futures settled at USD 89.31 a barrel, reflecting a decrease of 39 cents, or 0.43 percent, from their previous level. Concurrently, US West Texas Intermediate (WTI) crude futures settled at USD 83.40 a barrel, marking a decline of 13 cents, or 0.16 percent. Over the week, Brent crude experienced a drop of more than 5 percent, while WTI saw a decline of more than 4 percent.