India, June 26 -- US oil prices fell more than 3% on Friday, continuing their recent decline. US WTI crude oil fell about $2.27 (3.2%) to around $69.46 per barrel. Global benchmark Brent crude also dropped about $2.48 (3.3%) to around $72.78 per barrel. Oil prices are also heading for sharp weekly losses as worries about supply disruptions have eased.

One major reason for the fall is that more oil tankers have started moving again through the Strait of Hormuz. The Strait of Hormuz is one of the world's most important shipping routes for crude oil, so smooth movement there reduces fears of supply shortages. Markets now expect that the US and Iran may reach an agreement.

If the US-Iran deal happens, Iran could export more crude oil, incre...