Brent and U.S. crude oil gained value on a weekly basis
Oil prices closed higher on Friday as Hurricane Isaias moved toward the northern Gulf of Mexico and oil companies halted more than 70% of crude oil production in U.S. waters.
Earlier in the session, crude oil prices had fallen after Trump stated that talks with Iran aimed at ending the conflict in the Middle East had been "productive." Trump also hinted at an undisclosed announcement regarding diesel fuel and indicated he was considering suspending the federal gasoline tax.
Brent crude oil futures closed up 44 cents (or 0.42%) at $104.72, while WTI crude oil futures ended the day up 36 cents (or 0.39%) at $91.85 per barrel.
Plans by China, the world's largest oil importer, to resume refined fuel exports following a brief pause during the "Golden Week" holiday also influenced the market.
Prices fluctuated throughout the week amid rising threats to maritime shipping in the Gulf and the Strait of Hormuz.
In a statement on Thursday, Trump said Washington was holding "productive talks" with Iran and, following earlier reports suggesting he was considering an attack, stated that no attack was planned prior to the November 3 congressional midterm elections.
On the same day, Iran's Tasnim news agency reported Foreign Minister Abbas Araghchi as saying that he was evaluating the U.S. response to Tehran's proposal to reopen the Strait of Hormuz within seven days.
The U.S. is maintaining economic pressure on Iran by imposing sanctions targeting individuals, networks, and 17 vessels involved in the transport of Iranian crude oil, petroleum products, and petrochemicals.
Tensions involving Iran, alongside the conflict between Russia and Ukraine, have disrupted the supply of refined fuels such as gasoline, jet fuel, and, in particular, diesel.
The oil market is also contending with Hurricane Isaias in the Gulf of Mexico; according to data, producers had halted 1.3 million barrels per day of output, representing approximately 62.9% of current oil production, as of Thursday.
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