Oil prices slide 3 percent on easing Hormuz supply fears
Brent crude fell on Tuesday as a US-flagged vessel transited the Strait of Hormuz. Washington says the ceasefire holds despite reports of missile attacks.
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Brent Crude Oil fell 3.4% to $110.61 a barrel as the United States escorted commercial vessels through the Strait of Hormuz. West Texas Oil dropped 4% to $102.19 after Washington confirmed a ceasefire with Iran remains intact. Resuming transit through the waterway reduces the risk premium on 20% of global daily oil supplies.
