Singapore, July 31 (QNA) - Oil prices declined on Friday as markets awaited developments in the Middle East and the escalating tensions between the United States and Iran.

Brent crude futures fell $1.03, or 1.2 percent, to $88 a barrel.

West Texas Intermediate (WTI) crude futures also dropped $1.50, or 1.8 percent, to $82.09 a barrel.

Despite today's decline, both benchmarks remain on track to post monthly gains of nearly 20 percent. (QNA)