Bessent's statements lower oil - Allies seek to increase supply and free the Strait of Hormuz
Oil prices fell on Friday as major European countries and Japan offered to join efforts to ensure safe passage for ships through the Strait of Hormuz, while the United States outlined measures to boost oil supplies.
Seeking to curb rising oil prices, Treasury Secretary Scott Bessent said the US could soon lift sanctions on Iranian oil stuck on tankers and that a further release of crude from the US Strategic Petroleum Reserve was possible.
Brent crude futures fell 39 cents to $108.26 a barrel, while U.S. crude fell 87 cents to $95.27. For the week, however, benchmark Brent crude was on track to rise nearly 5% after Iran attacked oil and gas facilities in Gulf states, forcing production curbs.
In a joint statement on Thursday, after earlier hesitations, Britain, France, Germany, Italy, the Netherlands and Japan expressed "their readiness to contribute to appropriate efforts to ensure safe passage through the Strait of Hormuz," through which 20% of the world's oil and LNG transit passes.
Meanwhile, US President Donald Trump said he had told Israeli Prime Minister Benjamin Netanyahu not to repeat attacks on Iranian energy infrastructure. Currently, the European Union's physical security of supply is secure. However, Europe is not immune to global price increases.
In a boost to U.S. supply, North Dakota crude oil production is expected to rise this month and in the coming months as operators in the third-largest oil-producing state restart idled wells and winter restrictions ease.
The North Dakota Department of Mineral Resources said, however, that the pace of activity will depend on how long oil prices stay high and that the budgets of major oil companies are already set.
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