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Oil retreats as US and allies look to boost supply, unchoke Strait of Hormuz
SINGAPORE: Oil prices fell on Friday as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the US outlined moves to boost oil supply. Looking to curb soaring oil prices, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil stranded on tankers, and said a further release of crude from the US Strategic Petroleum Reserve was possible. Brent futures fell $1.06, or 0.98 percent, to $107.6 a barrel as of 9:37 a.m.
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theguardian.com
US may remove sanctions on Iranian oil stranded in tankers, treasury secretary says
Scott Bessent says actions will increase oil supply and bring down prices, but long-term effects in question
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arabnews.com
Oil retreats as US and allies look to boost supply, unchoke Strait of Hormuz
SINGAPORE: Oil prices fell on Friday as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the US…