08:47 AM EDT, 03/13/2026 (MT Newswires) -- Oil traded lower early on Friday as the United States eased sanctions on Russian supplies and reports say a tanker successfully passed through the Strait of Hormuz.

West Texas Intermediate crude oil for April delivery was last seen down US$1.99 to US$93.74 per barrel, while May Brent oil was down US$1.29 to US$99.17 after closing above US$100 per barrel on Thursday for the first time since August 2022.

"Oil remains the dominant force across commodity markets and a key driver of global risk sentiment, with May Brent closing above USD 100 per barrel Thursday for the first time since the Iran War broke out," Saxo Bank noted.

Oil is up 43% since the United States and Israel launched their war on Iran on Feb.28, while Iran responded by closing the Strait of Hormuz, cutting off 20% of the world's daily oil supply. The United States is taking steps to ease the supply shock, allowing countries to buy sanctioned Russian oil. The Wall Street Journal reported the measure will free up 124-million barrels of Russian oil currently at sea, replacing six days of the supply that usually comes from Persian Gulf producers.

The war has stranded tankers on both sides of the Strait as rising insurance rates and fears of Iranian attacks keep traffic idle. The United States has yet to follow through on plans to have its navy escort ships through the area, though Reuters reported an Indian tanker carrying gasoline bound for Africa successfully transited the Strait on Friday.

IEA members on Wednesday promised to release 400-million barrels of strategic reserves, a measure that failed to check prices as traders discount the measure's ability to replace supply lost from the Persian Gulf.

"This week's announcement of a 400 mb release from Strategic Oil Reserves totally underwhelmed the market with the oil price going higher rather than lower following the announcement. For one it means that the market expects the war and the closure of the Strait of Hormuz to last longer than Trump's recent announced "two more weeks". 400 mb only amounts to 20 days of lost supply to the world through Hormuz and we are already at day 14," Bjarne Schieldrop, chief commodities analyst at SEB Research wrote.