Oil prices were little changed following sharp declines in the previous session, with prospects dimming for a near-term end to the US-Israeli war with Iran after Hezbollah rejected a new ceasefire in Lebanon.

Brent crude futures fell 21 cents, or 0.22 per cent, to $95.24 a barrel by 0003 GMT after settling down 2.84pc in the previous session.

U.S. West Texas Intermediate crude was at $92.94 a barrel, down 10 cents, or 0.11pc, following a 3.1pc loss on Thursday.

Both contracts are set to post their first weekly gain in three weeks, with WTI up more than 6pc, after fighting flared up in the Middle East as US-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited.