Oil prices declined on Friday after major European countries and Japan signaled support for efforts to ensure safe passage of ships through the Strait of Hormuz, while the United States announced measures aimed at increasing global oil supply.

To help contain rising prices, U.S. Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian oil currently held on tankers.

The U.S. also indicated that additional releases from the U.S. Strategic Petroleum Reserve could be considered.

Brent crude futures dropped by $1.24, or 1.1 per cent, to $107.41 per barrel as of 0148 GMT, while U.S. West Texas Intermediate crude fell by $1.24, or 1.3 per cent, to $94.90 per barrel.

In a joint statement on Thursday, Britain, France, Germany, Italy, the Netherlands and Japan, after initially hesitating said they were “ready to contribute to appropriate efforts to ensure safe passage through the Strait,” through which about 20 per cent of global oil and LNG shipments pass.

Meanwhile, U.S. President Donald Trump said he had instructed Israeli Prime Minister Benjamin Netanyahu not to carry out further attacks on Iranian energy infrastructure.

“I told him, ‘Don’t do that’, and he won’t do that,” he told reporters in the Oval Office on Thursday.