-- Oil prices eased on Friday following reports that Iran reportedly sent a fresh proposal to US via Pakistan late Thursday.
The Brent futures contract eased 0.3% to $110.05 per barrel. West Texas Intermediate crude futures eased 1.9% to $103.10 per barrel.
According to state news agency IRNA, the latest proposal was reportedly delivered to US officials via Pakistani mediators late Thursday.
However, crude remains on track for weekly gains as the fundamental dual blockade persists.
Supporting prices "There are limited signs of a US-Iran deal, as the US doubled down on a blockade and Iran's new supreme leader Mojtaba Khamenei cast doubt on the likelihood of a deal, giving a rare statement in which he vowed not to give up the country's nuclear or missile technologies," Saxo Bank analysts said.
Commerzbank analysts added that "Markets are focused on when the war with Iran will end and the Strait of Hormuz will reopen. But the war is also likely to have significant long-term consequences - similar to the oil price shock of the 1970s."