Crude oil prices fell earlier in the week after officials in the United States tried to calm the market by saying that the vital global energy route, the Strait of Hormuz, can still be used by oil tankers despite security threats from Iran.
Brent Crude oil futures for next month fell 2.7% to around $100 a barrel. Meanwhile, West Texas Intermediate (WTI) recorded a decline of almost 5% to around $94 a barrel.
In the natural gas market, the Henry Hub Natural Gas benchmark in the US also fell more than 3% to $3.03 per million British thermal units (MMBtu).
US Treasury Secretary Scott Bessent stated that Washington allowed Iranian oil tankers to pass through the Strait of Hormuz to ensure global energy supplies remain stable during the conflict.
According to a CNBC report, several tankers carrying oil to India have successfully passed through the route, while several ships from China have reportedly left the Persian Gulf.
At the same time, India is reportedly waiting for confirmation from Iran to allow 22 more tankers to pass through the Strait of Hormuz.
Meanwhile, US President Donald Trump announced that several countries are moving to help protect the strategic route, which has been affected since the conflict between the US and Iran erupted on February 28.
However, he also criticized countries that refused to join security efforts in the area, while insisting that the US is still able to control the situation without additional help.
The Strait of Hormuz is the world's most important energy route, with about a fifth of global oil and liquefied natural gas supplies passing through the area every day.
Trump also claimed that the US military had destroyed about 30 Iranian ships that were believed to be trying to lay mines in the strategic route.
In another development, The Wall Street Journal reported that several oil industry executives in the US have warned the Trump administration that the conflict in the Strait of Hormuz could continue to disrupt global energy supplies and maintain uncertainty in commodity markets.
