New Delhi, June 19 -- Global oil prices continued to trade lower on Friday morning, with Brent slipping below the $80-per-barrel mark after Iran and the US signed a memorandum of understanding (MoU) aimed at ending the war in West Asia and reopening the Strait of Hormuz.

Around 7 am, the August contract of Brent on the Intercontinental Exchange was trading at $79.15 per barrel, down 0.88% from its previous close, while the July contract of West Texas Intermediate (WTI) on the NYMEX fell 0.74% to $75.31 a barrel. On a weekly basis, oil prices have declined about 9%.

Under the 14-point US-Iran MoU, both parties and their allies have agreed to cease hostilities, create a 60-day negotiation window, lift the US blockade and restore maritime ...