Brent crude ticked slightly higher on Friday but was still on track for a more than 8 per cent weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the Strait of Hormuz increased, Reuters reports.

Brent crude futures were up 20 cents, or 0.25pc, at $80.05 a barrel by 10:55am ET (7:55pm PKT), while US West Texas Intermediate crude CLc1 was up 25 cents, or 0.33pc, at $76.85 per barrel.

Trading volumes were light due to a US federal holiday.