Oil prices weakened today after the United States and allied nations signalled new efforts to stabilise energy markets and protect maritime traffic through the Strait of Hormuz, one of the world’s most vital shipping routes.
The coordinated move followed rising regional tensions and renewed attacks on oil infrastructure across the Gulf.
By 07:30 GMT, Brent crude futures had fallen by US$0.39, or 0.4 per cent, to reach US$108.26 per barrel, while US West Texas Intermediate (WTI) declined by US$0.87, or 0.9 per cent, to settle at US$95.27 per barrel.
The decline reflected a temporary easing in upward pressure on prices after the announcement of emergency measures by the United States and its partners.
US Treasury Secretary Scott Bessent signalled that Washington was weighing several options to address the latest surge in oil prices.
Among the measures under consideration were a partial lifting of sanctions on Iranian oil tankers and additional draws from the US Strategic Petroleum Reserve, according to reports from Reuters.
These steps aim to keep global crude supplies steady and deter further market volatility.
The move followed offers from European countries and Japan to participate in a broader maritime security coalition.
The initiative intends to safeguard commercial vessels navigating through the Strait of Hormuz, a narrow passage that handles roughly one‑fifth of the world’s seaborne oil trade.
Persistent conflict in the region has raised fears of supply disruptions and shipping delays, with insurers and trading firms already factoring higher risk premiums into freight costs.
Despite the day’s price dip, Brent crude was still headed for a weekly gain of nearly 5 per cent as a result of earlier supply interruptions caused by Iranian strikes on regional oil and gas facilities.
In contrast, WTI was on course for a weekly loss of about 4 per cent, marking its first decline in five weeks.
The widening gap between Brent and WTI has now reached its largest level in more than a decade, highlighting disjointed price dynamics between international and domestic US oil markets.
Diplomatic channels also remained active. Reports indicated that US President Donald Trump privately urged Israeli Prime Minister Benjamin Netanyahu to limit further strikes on Iranian energy infrastructure in an effort to prevent escalation across the Gulf.
At the same time, Canada, France, Germany, Italy, Japan, the Netherlands, and the United Kingdom issued a joint statement condemning Iranian attacks on commercial vessels and oil facilities.
The coalition reiterated support for UN Security Council Resolution 2817 and emphasised freedom of navigation under the UN Convention on the Law of the Sea.
The statement warned of humanitarian consequences if shipping lanes remain threatened and welcomed the International Energy Agency’s decision for a coordinated release of petroleum reserves to stabilise supply.
In parallel military developments, General Dan Caine, Chairman of the US Joint Chiefs of Staff, confirmed that US forces had destroyed 44 Iranian mine‑laying vessels in operations to secure the Strait of Hormuz.
He also said A‑10 Warthog aircraft and AH‑64 Apache helicopters had been deployed to target Iranian fast‑attack watercraft along the southern flank of the strait.
Energy analysts say that while immediate price relief is possible, volatility is likely to persist as geopolitical tensions continue to shape the outlook for global oil markets.
