Oil prices slipped in early Asian trade on Friday as markets weighed signs of diplomatic progress in the Middle East and improving prospects for oil supplies through the Strait of Hormuz.

However, renewed tensions in Eastern Europe could provide some support to crude prices. Recent comments from Russian President Vladimir Putin reportedly suggested that negotiations with Ukraine have stalled, raising concerns that the conflict could intensify.

WTI crude oil futures were last quoted at $83.15 per barrel, down around 0.5% on the day and on track to end the week more than 4% lower as investors continued to assess the latest diplomatic developments in the Middle East.