Crude oil prices declined on Friday, with Brent falling 0.67% to $89.10 a barrel and West Texas Intermediate dropping 0.77% to $82.89. Brent was down approximately 5.3% for the week and WTI about 4.3%, ending two consecutive weeks of gains. The market remains focused on the Strait of Hormuz, where any broader reopening could add supply capacity and pressure prices. Goldman Sachs estimates Gulf exports at 15 million to 16 million barrels a day, still 7 million to 8 million below pre-conflict levels but 5 million to 6 million above the March nadir. The Trump administration has confirmed it does not intend to restore the June peace agreement with Iran, while Washington is reportedly nearing a long-term arrangement granting U.S. companies development rights to selected Venezuelan oil assets. Venezuela may also leave OPEC (oil producers' cartel) as relations with Washington improve, although analysts say restoring significant Venezuelan supply would take considerable time because of damaged production infrastructure.