Crude prices have plunged by about 3 per cent, on course for steep weekly losses, as more oil tankers exit the Strait of Hormuz, easing supply concerns, even though a cargo vessel was hit near Oman on Thursday, Reuters reports.

Brent crude futures fell by $2.42, or 3.2pc, to $72.84 a barrel by 1323 GMT. US West Texas Intermediate lost $1.97, or 2.7pc, to $69.95.