India, June 19 -- Oil prices were modestly lower on Friday and headed for a sharp weekly decline after tanker traffic resumed through the Strait of Hormuz.
Brent crude futures for August delivery were down half a percent at $79.46 a barrel, recouping some initial losses as the abrupt cancellation of U.S.-Iran peace talks added to uncertainty over efforts to secure a lasting truce in the Middle East conflict.
WTI crude futures for July delivery were up 0.6 percent at $77.07 a barrel.
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