Oil prices have slipped as the US imposed new Iran-related sanctions amid the ongoing Israel-Iran war.

Brent crude futures were down $2.23, or 2.8 per cent, to $76.62 a barrel by 12:14pm EDT.

US West Texas Intermediate crude for July was down 15 cents, or 0.2pc, at $74.99.

The more liquid August contract was down around 0.1pc, or 5 cents, to $73.45.

Brent was on track to rise 3.2pc on the week, while front-month US crude futures were set to increase by 2.8pc.

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