Oil Prices Fall After US Opens Possibility of Lifting Sanctions on Iranian Tanker Ships

WASHINGTON, KOMPAS.com - Crude oil prices fell on Friday after Treasury Secretary Scott Bessent stated that the US government may soon lift sanctions on Iranian crude oil stored on tankers. This step aims to reduce price pressures following Iran’s closure of the Strait of Hormuz. International benchmark Brent crude fell 1.62% to $106.89 US per barrel. Meanwhile, US oil prices dropped 1.89% to $94.32 US per barrel at 01.49 local time. He said returning sanctioned Iranian crude to the global market would help contain prices for the next 10 to 14 days. Israeli Prime Minister Benjamin Netanyahu also stated that Israel is assisting US efforts to reopen the Strait of Hormuz. He added that Iran no longer has the capability to enrich uranium or produce ballistic missiles, and that the war could end sooner than many expect. Meanwhile, Citi said the Iran conflict has triggered a sharp rise in oil and related commodity prices, prompting it to raise its short-term price outlook. The bank now forecasts Brent and WTI prices to rise to $120 US per barrel in one to three months, and to $150 US per barrel in an optimistic scenario if disruptions intensify. However, its base case assumes a reduction in tensions within four to six weeks, allowing Brent prices to fall back to $70–80 US per barrel by year-end. At the same time, the spread between major crude oil prices has widened sharply, with Citi raising its Brent-WTI forecast to reflect high shipping costs and strong demand from the US Gulf Coast for inland crude. Saudi oil officials estimate that crude prices could rise above $180 US per barrel if Iran war disruptions continue until the end of April.