Oil Prices Decline, American Crude Heads for First Losses in 5 Weeks

SadaNews: Oil prices fell during trading on Friday after major European countries and Japan offered to unify efforts to ensure safe passage for ships through the Strait of Hormuz, alongside the U.S. announcing steps to support supplies.

According to trading data reported by CNBC, Brent crude futures dropped by about 0.8 percent to $107.8 per barrel. U.S. crude contracts also fell by 1.2 percent, recording $95 per barrel.

Brent crude is heading for an increase of more than 4 percent this week, after Iran bombed oil and gas facilities in Gulf states, resulting in production disruptions. On the other hand, U.S. crude is expected to record losses of around 4 percent as the first weekly decline in 5 weeks.

In a joint statement issued yesterday after previous hesitation, Britain, France, Germany, Italy, the Netherlands, and Japan expressed readiness to contribute to appropriate efforts to ensure safe passage through the strait, which sees 20 percent of the world's oil and liquefied natural gas traffic.