Crude futures tumbled almost 12% Friday, driving product prices lower too, after Iran declared the Strait of Hormuz open to all commercial ships following ceasefires clinched for itself and Lebanon from U.S. and Israeli attacks.

Oil futures slumped as much as 4% Friday morning as more signs of a diplomatic resolution to the U.S.-Israeli war on Iran emerged, raising hopes of supply disruptions easing in the coming weeks.

Crude futures jumped as much as 4% Thursday, driving product prices up too, as a U.S. blockade on Iranian ports added to the squeeze on Middle East oil supplies, already impacted by the Strait of Hormuz shutdown.

Oil futures edged higher Thursday morning as flows through the Strait of Hormuz remained at a trickle ahead of possible U.S.-Iranian peace talks later this week.

Oil futures settled steady in choppy trading Wednesday as diplomats from Washington to Islamabad and Tehran worked on scheduling a new round of peace talks in the Pakistani capital aimed at ending the Middle East conflict.

Oil futures edged higher in choppy trading Wednesday morning as market participants tried to ascertain the possibility of a permanent end to the Middle East conflict from a resumption in U.S.-Iranian talks expected this week.

Oil futures fell as much as 8% Tuesday after the United States and Iran signaled there could be another round of talks in Islamabad this week, raising fresh hopes for a solution to the Middle East conflict.