London, July 31 -- Global oil prices fell on Friday after a volatile week, as traders appeared reassured that the latest fighting between the US and Iran did not escalate into a full-scale regional security threat.
Brent crude, the international benchmark, fell 1.4pc to around USD 88 a barrel by 5am ET, while West Texas Intermediate (WTI), the US benchmark, also declined 1.4pc to about USD 82 a barrel.
At Deutsche Bank the market was responding positively to signs that, despite ongoing disruption, energy supplies through the Strait of Hormuz had not been completely halted.
"Shipping through the (Strait of Hormuz) has been disrupted but it hasn't completely stopped, while the US and Iran currently look to be avoiding a move from low-level...