Oil eases on hopes for Strait of Hormuz passage
- By Reuters -
- Mar 17, 2026
Oil prices eased about 1% on Monday as US. President Donald Trump repeated his call for help to unblock the Strait of Hormuz after some vessels sailed through it, and on talk of possible additional releases from emergency reserves as part of global efforts to reduce consumer energy prices during the Iran war.
Brent futures fell 72 cents, or 0.7%, to $102.42 a barrel by 12:39 p.m. EDT (1639 GMT), while US. West Texas Intermediate crude fell $2.92, or 3.0%, to $95.79.
On Friday, Brent closed at its highest since August 2022 and WTI at its highest since July 2022, putting both crude benchmarks up more than 40% since the U.S. and Israel attacked Iran on February 28.
US. President Donald Trump on Monday repeated his call to nations to help unblock the Strait of Hormuz, and appeared to criticize countries he said were not enthusiastic about providing aid.
The Strait of Hormuz between the Persian Gulf and Arabian Sea is a critical waterway for a fifth of global oil and liquefied natural gas (LNG) supplies.
Earlier Monday, U.S. Treasury Secretary Scott Bessent said the United States is “fine” with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, adding that any action to mitigate higher prices would depend on how long the war lasts.
Iran, which has allowed some Indian vessels 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 vessels through the strait, three sources with knowledge of the matter told Reuters.
“The (oil) complex is selling off … on reports that some oil tankers are proceeding through the Strait of Hormuz and as Trump appeals for help in escorting tankers through the strait,” analysts at energy advisory firm Ritterbusch and Associates said in a note.
Several US. allies, meanwhile, said they had no immediate plans to send ships to unblock the Strait of Hormuz, rebuffing a request by President Trump for military support to keep the vital waterway open.
Denmark’s foreign minister, however, said Europe should keep an open mind on helping to ensure freedom of navigation for ship traffic in the strait even if the continent did not support the US.-Israeli decision to go to war with Iran.
“Hormuz closure makes $100 oil the baseline, not the risk case. Crude prices will stay higher for longer as it will take time to rebuild stocks even if supply improves in April,” analysts from consultancy Eurasia Group said in a note.
SHIELD FROM SOARING ENERGY COSTS
Governments worldwide are trying to shield consumers from soaring energy costs as the disruption to global oil and gas supplies caused by the war ripples through economies, stokes inflation and squeezes household budgets.
Member countries of the International Energy Agency (IEA) could release more oil into the market later “as and if needed” after they have already agreed to the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
On Sunday, the IEA said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by the war.
THREE MORE WEEKS OF WAR?
Israel said it has detailed plans for at least three more weeks of war as its military pounded sites across Iran overnight. US. Energy Secretary Chris Wright said on Sunday he expected an end to the war within “the next few weeks,” with oil supplies rebounding and energy costs falling afterwards.
Over the weekend, Trump threatened further strikes on Iran’s Kharg Island, which handles about 90% of the country’s exports, after hitting military targets there and spurring further retaliation from Tehran. The US. is in contact with Iran, Trump said, though he doubted Tehran was prepared for serious talks to end the conflict.
Abu Dhabi state oil giant ADNOC has suspended crude loading operations at the United Arab Emirates , a source familiar with the situation told Reuters on Monday, after a drone attack triggered fires at the key export terminal.
Some loading at Fujairah, however, restarted, two other sources said. Two of the three single-point moorings, where tankers connect to load, were operational, one source said.
Fujairah, outside the Strait of Hormuz, is the outlet for about 1 million barrels per day (bpd) of the UAE’s flagship Murban crude oil – a volume equal to about 1% of world demand.