By Helen Clark and Sam Li

(Reuters) - Oil prices were little changed on Friday before a long holiday weekend in the U.S., as traders held on to ​hopes that attempts to secure peace in the Middle East between the United States and ‌Iran would succeed.

Brent futures climbed 7 cents, or 0.1%, to $71.87 a barrel as of 0737 GMT. West Texas Intermediate was down 6 cents, or 0.09%, to $68.63 a barrel.

U.S. markets will be closed on Friday ahead of the ​U.S. Independence Day holiday on Saturday.

During the prior session the two benchmarks hit their lowest ​levels since before the U.S.-Israeli war on Iran began in late February. Brent ⁠for the week was down 0.16% and WTI down 0.87%, the smallest weekly movements for both ​in months.

“It's a case of guarded optimism, with the market wanting to believe the peace efforts ​will hold, but it’s still hedging its bets until it sees real evidence on the water,” said Tim Waterer, chief market analyst at KCM Trade.

SOME SHIPPING RESUMES THROUGH THE STRAIT

Some shipping has resumed through the Strait of ​Hormuz, as called for under the initial deal between Iran and the United States, but levels ​of uncertainty are high after the two countries exchanged strikes last weekend following an Iranian attack on a cargo ‌ship.

With ⁠the prospect of being able to ship more oil, Gulf producers are working to increase output.

Kuwait's oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, a source familiar with the matter told Reuters on Thursday.