Pakistan, May 30 -- Oil futures fell 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension.

Brent crude futures for July, which expire later on Friday, were down $1.89, or 2%, at $91.82 a barrel by 1309 GMT. The more active August contract was down $1.89, or 2%, at $90.81. WTI U.S. oil futures were down $1.70, or 1.9%, at $87.20.

The Brent benchmark has plunged by about 11% this week for its steepest weekly decline in seven. WTI, meanwhile, has dropped by nearly 10% for its biggest weekly loss in six. Both benchmarks hit their lowest price since mid-April.

"While oil flows through the Strait of Hormuz remain restri...