Oil prices fall after Brent briefly touches $119

Oil prices dropped on Thursday after Israel announced it was assisting in reopening the important Strait of Hormuz. The international benchmark, Brent crude futures, for May increased by 1.18% to finish at $108.65 per barrel, but it fell back after briefly reaching over $119 earlier in the day. Meanwhile, U.S. West Texas Intermediate futures decreased by 0.19% to $96.14 after seeing gains earlier. U.S. oil prices continued to decline in after-hours trading as Israeli Prime Minister Benjamin Netanyahu spoke to reporters, stating that Israel was aiding the U.S. in reopening the Strait of Hormuz, as reported by news agencies. Netanyahu also mentioned that Iran no longer had the capability to enrich uranium or produce ballistic missiles. He added that the war might conclude sooner than expected. Vice President JD Vance participated in a meeting on Thursday with members of the U.S. oil industry, organized by the American Petroleum Institute. Mike Sommers, API’s president and CEO, told CNBC after the meeting that opening the Strait of Hormuz is a “top priority” for the Trump administration. “We need to get the Strait open,” Sommers stated on Thursday, emphasizing there is “no substitute right now.” A White House official also confirmed to CNBC that there are no current plans to impose restrictions on oil and gas exports. In Europe, the front-month gas price at the Dutch Title Transfer Facility (TTF) hub rose over 11% to about 61 euros per megawatt-hour. U.S. natural gas prices increased by 1.7%, trading at $3.116 per million British thermal units. Additionally, front-month Nymex RBOB gasoline for April delivery climbed nearly 1% to $3.13, reaching its highest level in almost four years.