Crude oil slipped to around $92 a barrel on Friday after Iran urged the US to revive an interim peace arrangement that failed to end the war over the summer. Iran's foreign minister proposed reopening the Strait of Hormuz and restarting nuclear negotiations with the US within seven days if the Trump administration accepts conditions including lifting the naval blockade, unfreezing Iranian assets and ending the war on all fronts. The proposal resembles a US-Iran memorandum of understanding reached in mid-June, which produced a fragile ceasefire that collapsed weeks later. Hormuz oil flows reached 33.7 million barrels this week, keeping exports roughly in line with the previous week's levels. Markets remain volatile as traders weigh mixed peace signals, recovering Middle East energy flows and speculation that the US could restrict diesel exports. Despite recent gains, the US oil benchmark is down around 7.4% for the week.