Oil falls more than 1%

Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following ​reports that the U.S. and Iran had reached a potential deal to ‌extend a ceasefire, Reuters reported.

Brent crude futures for July fell 1.32% or $1.24 to $92.47 a barrel at 0656 GMT. U.S. oil futures fell $1.38, or 1.55%, to $87.52 a barrel.

Brent has plunged 10.5% this week - the steepest ​fall since the week that ended on April 6, while WTI has ​dropped 9.2% - the biggest weekly loss since the week that ended ⁠on April 13.

The U.S. and Iran reached an agreement on Thursday to extend a ​ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, ​though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.

"Consensus remains that the conflict is over, and a deal is coming. As ​long as this narrative holds, crude oil has room to extend its decline ​toward trendline support in the low $80s," IG analyst Tony Sycamore said.

Prices have been volatile in recent ‌sessions, swinging ⁠by as much as $6 for both benchmarks on conflicting signals over a possible end to the three-month-old Iran war and the potential reopening of the Strait of Hormuz - a conduit for roughly a fifth of the world's oil and liquefied natural gas ​supplies.