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Oil prices fall 3% as some ships pass through the Strait of Hormuz

2026-03-16 22:30:00, Kosova & Bota CNA

Oil prices fall 3% as some ships pass through the Strait of Hormuz

Oil prices fell about 3% on Monday after several ships sailed through the critical Strait of Hormuz even as U.S. allies rejected President Donald Trump's call for help in unblocking the strait, and as the head of the IEA suggested more reserves could be released to curb rising costs caused by the Iran war.

Brent crude futures fell $2.93, or 2.8%, to settle at $100.21 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $5.21, or 5.3%, to settle at $93.50.

Analysts said U.S. prices fell more than Brent prices for several reasons, including near-record U.S. crude production, boosted by Venezuelan imports, and the upcoming release of oil from the U.S. Strategic Petroleum Reserve. In addition, some traders were selling the April WTI monthly contract ahead of its upcoming expiration on the New York Mercantile Exchange on March 20.

On Friday, Brent closed at its highest level since August 2022 and WTI at its highest level since July 2022, boosting both indices by almost 40% since the US and Israel attacked Iran on February 28.

Trump repeated his call for nations to help unblock the Strait of Hormuz and complained that other countries were not enthusiastic about offering assistance.

European Union foreign ministers currently have "no plan" to expand an EU naval mission in the Middle East into the strait, EU foreign policy chief Kaja Kallas said on Monday.

The Strait of Hormuz is a critical waterway for maritime transport for a fifth of global supplies of oil and liquefied natural gas (LNG).

Iran, which has allowed some Indian ships to sail through the Strait of Hormuz, asked India to release three tankers seized in February as part of talks seeking the safe passage of Indian-flagged or India-bound ships through the strait, three sources with knowledge of the matter told Reuters./ CNA, translated by Reuters





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