Brent crude drops 2% to $91.14 per barrel on Iranian oil hopes

London (Reuters) – Oil prices extended losses on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.

Brent crude futures fell $1.83, or 1.9%, to $91.14 a barrel by 1425 GMT, extending a 1.9% drop from the previous session.

U.S. West Texas Intermediate (WTI) crude futures shed $2.24, or 2.4%, to $89.52 a barrel after sliding 2% on Thursday.

Fears over possible supply disruptions resulting from the Russian military presence at Ukraine’s borders have limited losses this week.