What measures are the USA and European countries taking to stabilize oil prices?

Oil prices fell on Friday, influenced by the efforts of European countries and Japan to ensure the safe passage of ships through the Strait of Hormuz, as well as by the measures announced by the U.S. to stimulate oil supply. U.S. Treasury Secretary Scott Bessent mentioned the possibility of lifting sanctions on blocked Iranian oil and a new release from the Strategic Petroleum Reserve. Brent futures contracts fell by $1.36, while WTI dropped by $1.92. Although prices have decreased, Brent is on track to rise by nearly 4% for the week, while WTI could register its first weekly decline in the last five weeks. World leaders have acknowledged the need for de-escalation, and the UK, France, Germany, Italy, the Netherlands, and Japan have committed to contributing to ensuring safe passage through the strait. The U.S. intends to relax sanctions on Iranian oil to ease market tensions, while production in North Dakota is expected to increase.