Oil up despite efforts by US, allies to boost supply and open Strait of Hormuz
Business
LONDON, March 20 : Oil prices gained on Friday despite leading European nations, Japan and Canada offering to join efforts to secure safe passage for ships through the Strait of Hormuz and the U.S. outlining moves to boost oil supply. "The potential for a quick reversal in energy prices is unlikely because damage has been done to production," said Ole Hansen, the head of commodity strategy at Saxo Bank. "The fact on the ground remains that we have a tight market." Brent futures rose $1.67, or 1.
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