Crude oil fell below $83 a barrel on Friday, extending weekly losses to near 5% as traders monitored Middle East developments and efforts to reopen the Strait of Hormuz, a strategic oil shipping route. Goldman Sachs estimated that Persian Gulf oil exports had recovered to roughly two-thirds of pre-war levels as shipments through the waterway gradually increased. Regional crude exports were reported at around 15–16 million barrels per day, below pre-conflict volumes of 22–24 million barrels but well above the March low of about 5–6 million barrels. Iran and Oman agreed on a revenue-sharing framework for the strait, although Tehran said the agreement did not mean an immediate reopening. The Trump administration reportedly told mediators it did not plan to revive the terms of a preliminary June agreement with Iran that later collapsed, adding uncertainty to the outlook.