This is the first time Brent crude has fallen below $72.
World oil prices extended sharp losses Friday on optimism for traffic flows in the Strait of Hormuz despite the suspension of a UN evacuation programme.
The price of Brent North Sea crude, the international benchmark, dived more than five per cent to around $71.50 a barrel, and the main US contract, West Texas Intermediate, shed 4.5 per cent to under $69.
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