New York, May 02 (QNA) - Oil prices fell sharply today, but are still on track for weekly gains as the Strait of Hormuz remains closed.

Brent crude futures for July delivery fell $2.23, or 2.02 percent, to settle at $108.17 a barrel. West Texas Intermediate crude futures fell $3.13, or 2.98 percent, to $101.94, with both still on track for a weekly gain.

Brent crude for June delivery hit $126.41 a barrel before its expiry yesterday (Thursday), its highest level since March 2022. (QNA)