Pakistan, July 31 -- Oil prices fell on Friday as increased crude shipments through key global shipping routes helped ease supply concerns, even as the conflict involving the United States and Iran continued without a diplomatic breakthrough.

Read More: Oil prices ease despite Middle East tensions

Brent crude futures declined by $1.03, or 1.2%, to $88 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.50, or 1.8%, to $82.09 per barrel during early trading. Despite the latest decline, both benchmark contracts remain on course to post monthly gains of around 20%, reflecting the significant impact of geopolitical tensions on energy markets.

Market analysts said improving oil flows through strategic maritime chokepoints ha...