Oil prices little changed

Oil prices were little changed for the week as traders held on to hopes for a successful outcome from attempts to secure peace between the US and Iran.

Brent futures were up 14 cents, or 0.19 percent, at $71.94 a barrel by 2:31 p.m. ET (1831 GMT), ending the week just 5 cents lower than last Friday’s close. West Texas Intermediate was up 9 cents, or 0.13 percent, at $68.78 a barrel.

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Trading was light as US markets were closed ahead of the US Independence Day holiday on Saturday. On Thursday, the two oil benchmarks had hit their lowest levels since before the US-Israeli war with Iran began in late February.

Investor hopes for a full reopening of the Strait of Hormuz are being buoyed by peace talks between the US and Iran, Commerzbank analysts said.