Brent Falls as Europe Considers Strategic Oil Reserve Release
Brent crude fell more than 3% to around $99 a barrel on Friday as European governments considered releasing strategic oil reserves to ease mounting fuel costs. EU members were reportedly discussing a French proposal to draw on crude and fuel stockpiles, amid growing pressure from Washington to address diesel shortages and avoid potential US export restrictions. Treasury Secretary Scott Bessent urged European partners to help stabilise supplies, which have been disrupted by turmoil in the Persian Gulf and Ukrainian attacks on Russian refineries. Meanwhile, Middle Eastern crude flows have approached pre-war levels, though uncertainty persists as Washington and Tehran remain far from a lasting agreement to reopen the Strait of Hormuz fully. Also, shipping risks remain elevated following reported tanker attacks, while the US has reportedly strengthened air defences protecting energy facilities in Saudi Arabia and Qatar.
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Brent crude fell more than 3% to around $99 a barrel on Friday as European governments considered releasing strategic oil reserves to ease mounting fuel costs. EU members were reportedly discussing a French proposal to draw on crude and fuel stockpiles, amid growing pressure from Washington to address diesel shortages and avoid potential US export restrictions. Treasury Secretary Scott Bessent urged European partners to help stabilise supplies, which have been disrupted by turmoil in the Persian Gulf and Ukrainian attacks on Russian refineries.
Meanwhile, Middle Eastern crude flows have approached pre-war levels, though uncertainty persists as Washington and Tehran remain far from a lasting agreement to reopen the Strait of Hormuz fully. Also, shipping risks remain elevated following reported tanker attacks, while the US has reportedly strengthened air defences protecting energy facilities in Saudi Arabia and Qatar.