SINGAPORE — Oil prices fell on Friday as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz and the US outlined moves to boost oil supply. Looking to curb soaring oil prices, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil stranded on tankers, and said a further release of crude from the US Strategic Petroleum Reserve was possible. In a joint statement on Thursday, after earlier hesitating, Britain, France, Germany, Italy, the Netherlands and Japan expressed "our readiness to contribute to appropriate efforts to ensure safe passage through the Strait," where 20 percent of the world’s oil passes. This is the full text of the statement from Britain, France, Germany, Italy, the Netherlands, Japan and Canada: “We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels ​in the Gulf, attacks on civilian infrastructure including oil and gas installations, and ​the de facto closure of the Strait of Hormuz by Iranian ⁠forces. We express our deep concern about the escalating conflict. We call on Iran to ​cease immediately its threats, laying of mines, drone and missile attacks and other attempts ​to block the Strait to commercial shipping, and to comply with UN Security Council Resolution 2817. Freedom of navigation is a fundamental principle of international law, including under the United Nations Convention on the ​Law of the Sea. The effects of Iran’s actions will be felt by people ​in all parts of the world, especially the most vulnerable. Consistent with UNSC Resolution 2817, we emphasise that ‌such ⁠interference with international shipping and the disruption of global energy supply chains constitute a threat to international peace and security. In this regard, we call for an immediate comprehensive moratorium on attacks on civilian infrastructure, including oil and gas installations. We express our ​readiness to contribute to ​appropriate efforts to ⁠ensure safe passage through the Strait. We welcome the commitment of nations who are engaging in preparatory planning. We welcome the International Energy ​Agency decision to authorise a coordinated release of strategic petroleum ​reserves. We ⁠will take other steps to stabilise energy markets, including working with certain producing nations to increase output. We will also work to provide support for the most affected nations, including through ⁠the ​United Nations and the IFIs (International Financial Institutions). Maritime security and ​freedom of navigation benefit all countries. We call on all states to respect international law and uphold ​the fundamental principles of international prosperity and security.”