SINGAPORE (March 20): Oil prices fell on Friday as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the US outlined moves to boost oil supply. Looking to curb soaring oil prices, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil stranded on tankers, and said a further release of crude from the US Strategic Petroleum Reserve was possible. Brent futures fell US$1.36, or 1.3%, to US$107.29 a barrel as of 0330 GMT, while US West Texas Intermediate (WTI) crude fell US$1.92, or 2.0%, to US$94.22. "The damage has been inflicted, and even if safe passage for tankers is somehow negotiated through Hormuz, reviving logistics fully fledged can take an awfully long time," Sachdeva said. The North Dakota Department of Mineral Resources said, however, the pace of activity would depend on how long oil prices stay high and that oil majors' budgets have already been set.

Source: The Edge Markets March 20, 2026 01:07 UTC