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US President Donald Trump has declared that the decision by 32 countries to release oil reserves will "significantly lower oil prices."
While visiting a business in Cincinnati, Trump called fluctuating oil prices a "war issue."
"Prices are coming down very sharply," he said. "Oil is going to come down. This is just a matter of war happening. You can almost predict it. I would say it went up a little less than we thought. It's going to come down more than we, than anybody understands," Trump said.
He later said the US would be "watching the Strait of Hormuz very closely", adding: "The Strait is in great shape. We've taken out all their ships. They have some missiles, but not many," Trump said.
Meanwhile, oil prices in international markets have continued to rise, reaching around $100 per barrel, despite efforts by major countries to stabilize the market by releasing strategic reserves.
The International Energy Agency, which includes the United States and the United Kingdom, said its 32 member countries had agreed to release about 400 million barrels of oil from emergency reserves. That amount represents about four days of global consumption, a major intervention that analysts say is unlikely to happen often.
However, markets remain tense due to the situation in the Strait of Hormuz, one of the most important routes for transporting oil in the world.
Explosions were reported overnight on at least two foreign tankers in the Persian Gulf, as Iran has intensified attacks on ships in the area.
Iran's Revolutionary Guard warned Iran's enemies that they will not succeed in artificially lowering the price of oil and that it could soon reach $200 per barrel.
At the same time, the Israeli military has launched a "wave of large-scale attacks" against Hezbollah targets in Beirut, announcing that it has struck at least 10 structures and intercepted missiles launched by Iran.
Meanwhile, Saudi Arabia claimed to have shot down 18 drones, while authorities in Dubai said no one was injured after a drone fell on an apartment building.
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