1557 ET - Oil futures end the week higher as the situation in the Strait of Hormuz remains unresolved with the U.S. and Iran both saying they have control over the waterway. "Diplomacy has so far failed to restore confidence quickly enough to prevent an energy squeeze," Rabobank strategists Joe DeLaura and Florence Schmit say in a note. With no clear diplomatic solution in sight, the market's attention has turned to shortages of diesel and other middle distillates, they add. Even a signed agreement to reopen the strait "would only begin to address the shortage," with Russian and Persian Gulf refineries remaining damaged well into 2027 and Chinese refineries operating at low capacity due to restrictive export quotas. WTI settles up 1.4%, at $82.40 a barrel, for a 5.4% weekly gain. Brent rises 1.7%, to $88.52, and is up 5.9% on the week.