International Oil Prices Decline Amid Reports US Considers Restarting Strait of Hormuz Escorts

NEW YORK (CNA) -- International oil prices closed lower today amidst volatility, following reports that the United States is considering restarting escort operations for merchant ships through the Strait of Hormuz as early as this week.

The Wall Street Journal today cited U.S. and Saudi Arabian officials as reporting that Saudi Arabia and Kuwait have lifted restrictions on U.S. military use of their airspace and bases, and that U.S. President Donald Trump's administration is considering restarting 'Project Freedom' this week to guide ships through the strategic waterway of the Strait of Hormuz.

Reuters reported that Brent crude futures fell by $1.21, or 1.2%, to close at $100.06 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell by 27 cents, or 0.28%, to close at $94.81 per barrel.

Both benchmark oil prices had fallen by as much as $5 per barrel earlier, mainly due to market optimism that the U.S. and Iran are moving towards reaching a limited interim agreement to halt the conflict between the two countries. (Compiled by: Yang Zhaoyan) 1150508

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