Oil prices have eased but remain on track for weekly gains as renewed US-Iran fighting disrupts shipping in the Strait of Hormuz, stoking concerns over supply disruptions, Reuters reports.

Brent futures are down 68 cents, or 0.9 per cent, at $75.62 a barrel, as of Friday afternoon.

US West Texas Intermediate (WTI) crude dropped 64 cents, or 0.9pc, to $71.44.

Previously, Brent was set for a gain of about 5pc and WTI was on track for an increase of about 4pc.

“Prices have backed off the midweek highs, but there is still a substantial risk premium as Hormuz transits are back to a near-standstill with no clear signs of when normal reopening might resume,” Vandana Hari at oil market analysis provider Vanda Insights says.