Oil steadied as US and Iranian negotiators were said to be exploring a phased deal that would see Tehran reopen the Strait of Hormuz. West Texas Intermediate for November was little changed above $94 a barrel, after gaining almost 3% on Thursday, while Brent settled above $106. The two countries were pushing for a breakthrough on the sidelines of the United Nations General Assembly, according to a person familiar with the discussions.

Crude has had another volatile week of trading, as the conflict between Washington and Tehran nears the end of its seventh month. Hormuz — the narrow waterway that links the Persian Gulf to global markets — has been at the center of the war. The Islamic Republic has insisted that it has sovereign control over the conduit, which in peacetime used to carry about a fifth of daily global oil and natural gas supplies.

A White House official said that President Donald Trump remained open to talking with Iran but stressed the US didn’t need to negotiate because it was in a strong position. “We saw for six months a lot of zigzag in response to a comment or a kind of headline,” said Carolyn Kissane, associate dean at the Center for Global Affairs at New York University. “Now, the market sort of wants to see actual real action.”

Beyond Iran, Saudi Arabia intercepted missiles fired toward Yanbu and Taif on Thursday, as Iran-backed Houthi militants launched more strikes. French President Emmanuel Macron said his country would deploy troops to help secure a Saudi energy plant. Traders paid record premiums to secure prompt barrels at the main US storage hub in Cushing, Oklahoma.