US oil prices fell 3% as hopes of a US-Iran deal, rising crude supply and easing Strait of Hormuz risks lowered inflation and fuel price concerns.

Brent crude, the international benchmark for oil prices, was trading at $73.81 a barrel at 10:40 a.m. EDT, down 4.2% from Tuesday's close.

Global crude oil prices fell sharply on Friday, with Brent slipping below $75 a barrel, as fears of supply disruptions through the Strait of Hormuz eased despite fresh Middle East…