Oil prices decline 3% amid Strait of Hormuz transit
pre-market1 source ↓written by the desknot a recommendation
- on 16 Mar
- 3%
- 2.8%
- per barrel
- $100.21
- 5.3%
- $93.50
Oil prices fell approximately 3% on 16 Mar 2023, with Brent futures down 2.8% to $100.21 per barrel and WTI down 5.3% to $93.50. This decline follows the transit of vessels through the Strait of Hormuz, despite U.S. allies rejecting calls for assistance in securing the route. Analysts noted increased U.S. crude output and upcoming releases from the Strategic Petroleum Reserve as contributing factors.
Not investment advice. For informational purposes only.