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Oil prices edged lower on Friday as traders assessed reports that the United States is nearing an agreement to gain long-term access to Venezuela’s crude reserves, while uncertainty over the Strait of Hormuz continued to influence the market.
Brent crude futures fell 0.4% to $89.33 a barrel by 00:51 ET (04:51 GMT), while West Texas Intermediate (WTI) crude futures declined 0.3% to $83.25. Despite rebounding strongly on Thursday, both benchmarks were headed for weekly losses of between 4% and 5.5%.
The Trump administration is close to securing long-term access to part of Venezuela’s vast oil reserves, Reuters reported Thursday. The expected agreement would give the U.S. government access to a group of Venezuelan oilfields that could be developed by American energy companies.
The possibility of increased Venezuelan oil production has added pressure to crude prices following Washington’s removal of Nicolas Maduro and its takeover of the country’s oil industry. However, analysts have cautioned that meaningful production growth could take time because Venezuela’s energy infrastructure requires substantial investment and development.
Venezuela is also reportedly considering leaving the Organization of Petroleum Exporting Countries as its relationship with Washington strengthens. Such a decision would represent another major departure from OPEC after the United Arab Emirates announced plans to exit the producer group.
Meanwhile, developments surrounding Iran and the Strait of Hormuz remain a key driver for global oil markets. Brent and WTI came under pressure earlier this week after reports that Iran and Oman had agreed on measures that could allow some shipping traffic through the strategic waterway.
Iran said Thursday that it was preparing conditions for reopening the Strait of Hormuz, which handled roughly one-fifth of global oil supplies before the U.S.-Iran war.
Oil prices recovered some losses Thursday after the Wall Street Journal reported that President Donald Trump was not interested in returning to the June peace agreement with Iran. Tehran has insisted Washington honor that agreement before further negotiations, keeping geopolitical risks and potential oil supply disruptions firmly in focus.
