New Delhi, March 20 -- International oil prices fell over 2% on Friday after the US signalled potential easing of sanctions on Iranian oil and global powers backed efforts to secure shipping through the Strait of Hormuz.

The moves point to early attempts to stabiliZe supplies after crude surged to multi-month highs amid escalating tensions in West Asia.

At 8:11 AM, the April contract of Brent crude on the Intercontinental Exchange was trading at $105.88 per barrel, down 2.44% from its previous close. Similarly, the April contract of West Texas Intermediate (WTI) on NYMEX was at $93.20 per barrel, lower by 2.46%.

Oil prices have been volatile since the start of the war on 28 February, with Brent briefly nearing $119 per barrel on Thursd...