US-Iran peace deal, June 21 -- Brent crude prices edged higher on Friday but remained on track for a weekly decline of nearly 8%, as a ceasefire agreement between Israel and Hezbollah eased some geopolitical concerns. However, gains were capped after Iran outlined conditions for the use of the strategically important Strait of Hormuz.

Brent crude futures had risen 66 cents, or 0.53%, to $80.38 per barrel, while US West Texas Intermediate (WTI) crude advanced 94 cents, or 1.23%, to $77.54 a barrel, on Friday.

Crude oil prices have witnessed a steep correction, plunging nearly 40% from the peak of about $120 per barrel reached after tensions in West Asia escalated. The decline follows an interim agreement between the United States and Ira...