London, March 20 (SANA) Oil prices fell on Friday after major European countries and Japan signaled readiness to help secure shipping through the Strait of Hormuz, easing concerns over potential supply disruptions.
Brent crude futures dropped $1.24, or 1.1 percent, to $107.41 a barrel, while U.S. West Texas Intermediate crude fell $1.24, or 1.3 percent, to $94.90, according to Reuters.
In a joint statement on Thursday, Britain, France, Germany, Italy, the Netherlands and Japan said they were prepared to contribute to efforts to ensure safe passage through the strait, a key route for around 20 percent of global oil and liquefied natural gas supplies.
U.S. Treasury Secretary Scott Bessent also signaled potential steps to support supply, including the possibility of easing sanctions on Iranian oil shipments and releasing additional volumes from the U.S. strategic petroleum reserve.
Iz/A