Oil futures experienced a significant decline on Friday, with Brent crude closing at $92.05 per barrel, down 1.8%, and WTI at $87.36, down 1.7%. This marks the steepest weekly drop since early April, driven by speculation surrounding a potential ceasefire agreement between the US, Israel, and Iran. The ongoing conflict has severely restricted oil traffic through the Strait of Hormuz, a crucial maritime route for global oil supply. Despite conflicting reports on the ceasefire agreement, market analysts remain cautious about the reopening of the strait, which could alleviate some pressure on oil prices. UBS analyst Giovanni Staunovo noted that the market is focused on the possibility of a deal, while Commerzbank has revised its Brent price forecasts to $90 per barrel by the end of September. Additionally, Japan's crude oil imports have plummeted by 66% compared to last year, underscoring the conflict's impact on oil-dependent economies. As oil inventories continue to decline, the market remains volatile, with traders adjusting their positions in response to the evolving situation.