Crude oil has paused its recent winning streak, with traders now focusing on determining the volume of oil being transported through the Strait of Hormuz, as efforts to end the conflict with Iran show limited progress. WTI crude settled around $81 per barrel, following a five-session surge of approximately 10%. Futures markets have become increasingly indifferent to statements from the White House regarding the key waterway, while signs of profit-taking emerged on Thursday after the sharp price rally.

"This morning's movement feels more like buyers stepping back rather than a truly bearish stance from the market," said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. "Combined with a significant build in U.S. crude inventories reported yesterday, there is little compelling reason for buyers to step in at the moment."

Traders are now evaluating the amount of crude currently passing through the Strait of Hormuz. U.S. Energy Secretary Chris Wright stated on Tuesday that daily oil shipments through the strait over the past week averaged 9 million barrels, a figure well above various industry estimates, reigniting debate over the actual size of the supply gap. Meanwhile, data from the U.S. Energy Information Administration (EIA) showed a crude inventory build of 17.4 million barrels last week, which may provide some near-term relief for prices.

Crude oil recouped some of its losses after Yemen's Houthi group claimed an attack on Saudi Aramco's refinery in Jizan on the Red Sea coast. In other developments, major producers such as the United Arab Emirates and Saudi Arabia are working to maintain their export levels. However, with negotiations between the U.S. and Iran appearing to be at a standstill and both sides hardening their positions, crude is still on track for a weekly gain.

Brent crude for October settlement fell 2.2% to close at $87.07 per barrel. WTI crude for September delivery declined 2.4%, settling at $81.25 per barrel.