Oil falls as US and allies look to boost supply, unchoke Strait of Hormuz

Oil prices fell on Friday after leading European nations and Japan offered to help secure safe passage through the Strait of Hormuz and the U.S. outlined steps to boost oil supply. The combined diplomatic/security assurances and supply actions eased near-term geopolitical risk to oil flows, pressuring prices and sentiment in energy markets.

Analysis

Oil prices fell on Friday after leading European nations and Japan offered to help secure safe passage through the Strait of Hormuz and the U.S. outlined steps to boost oil supply. The combined diplomatic/security assurances and supply actions eased near-term geopolitical risk to oil flows, pressuring prices and sentiment in energy markets.