Crude prices sank 2 per cent on Friday and were headed for steep ‌weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday, Reuters reports.

Brent crude futures fell $1.47, or 1.95pc, to $73.79 a barrel as of 0421 GMT, while US West Texas Intermediate fell $1.44, or ​2pc, to $70.48 a barrel.