Oil prices ease as hopes rise for Strait of Hormuz shipping route

Oil prices eased on March 16 as markets watched developments around Strait of Hormuz. Brent crude edged up 0.1% to $103.22/barrel while West Texas Intermediate crude fell 1.6% to $97.11. Leaders discussed reopening the vital shipping lane, while Japan began releasing strategic oil reserves and central banks prepared for key policy meetings.