WSJ pointed to lower oil prices amid possible measures in the Strait of Hormuz

Global oil prices are showing a decline amid statements by European countries, Japan and Canada about their readiness to contribute to ensuring safe navigation through the Strait of Hormuz. This was reported on March 20 by The Wall Street Journal (WSJ).

The publication writes that Brent crude oil fell by 0.5% to $108.11 per barrel, and WTI — by 1.5% to $91.57 per barrel. An additional factor for the price reduction was the statement by US Treasury Secretary Scott Bessent that the United States may in the coming days lift sanctions on Iranian oil that is already at sea, the article clarifies.

Following consultations on March 19, the leaders of Great Britain, France, Germany, Italy, the Netherlands, Japan and Canada declared their readiness to "make a coordinated contribution to international efforts to restore safe navigation and protect commercial vessels in the Strait of Hormuz." However, the joint statement does not provide information on specific measures and deadlines for their implementation.

In addition, to restore navigation, the participants plan to coordinate actions to stabilize energy markets, including the release of strategic oil reserves through the International Energy Agency.

Eastern translation: is the United States able to assemble a coalition to control the Strait of Hormuz

And how the escalation of the conflict in the region is delaying negotiations on a Ukrainian settlement

On the same day, the price of Brent crude oil on the ICE exchange dropped by almost 3%. It is noted that this indicator was recorded at 04:42 Moscow time, where the price reached $ 105.5 per barrel, showing a decrease of 2.9%.

On March 20, the WSJ also cited the opinion of Saudi Arabia's oil industry analysts that the price of oil could exceed $180 per barrel if supply disruptions due to the military operation against Iran persist until the end of April.

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