Crude futures rose Friday, but the gains were not enough to offset a second straight week of losses in a market hampered by expectations for a peace deal for the Middle East and its key energy waterway, the Strait of Hormuz.

Crude and oil product futures held steady on Friday morning while eyeing a second straight weekly loss on trade expectations for a peace deal for the Middle East and its key energy waterway, the Strait of Hormuz.

Crude and refined product futures rose 3% or more Thursday on media reports that U.S. and Israeli commercial ships will likely be blocked from using the Strait of Hormuz under an emerging Iran-Oman plan for control of the waterway.

Crude and refined product futures were up 1% or more Thursday on reports that Iran had threatened to strike Gulf states hard unless they could convince the U.S. to end its war on Tehran.

Crude and refined product futures were little changed Wednesday after a two-day plunge, as a surprise weekly build in U.S. crude stocks offset positive impact from new security threats in the Middle East.

Crude and refined product futures steadied Wednesday morning, rebounding from a two-day slide that erased more than 10% across energy markets, as new security threats offset diplomatic efforts for the Middle East.

Energy markets extended their losses Tuesday on growing outreach by the Trump administration and international negotiators to ending the U.S. war with Iran.