Brent crude settled at about $107.86 a barrel on Friday after reaching $109.97 during the week, its highest level since early May, as reports of planned talks between Iran and Gulf states in Oman prompted a late retreat. West Texas Intermediate settled at $102.28 after exceeding $103, while both benchmarks gained between 11% and 13% for the week, their strongest performance since mid-July. The rally was driven by intensified US-Iran confrontations near the Strait of Hormuz, including Iranian attacks on 10 vessels and US retaliatory action that authorities said destroyed five Iranian tankers. Supply concerns also deepened after Houthi forces took control of Mokha, a Red Sea port near the Bab el-Mandeb Strait, and reportedly targeted Saudi Arabia's East-West petroleum pipeline. Gulf foreign ministers were due to meet Iran's senior diplomat in Salalah, Oman, on Monday to discuss Hormuz navigation arrangements, potentially marking the first direct Gulf-Iran talks since the US-Israeli military campaign against Iran began in late February.