Brent Crude Holds Near $114 as US and Iran Clash in Gulf

Brent Crude Oil fell 0.8% to $113.51 on Tuesday morning as the United States and Iran clashed over the Strait of Hormuz. Prices retreated from a 5.8% gain on Monday following the launch of a U.S. naval operation to reopen shipping lanes. Continued volatility threatens 20% of global oil supply passing through the region daily.

West Texas Oil dropped 2% to $104.26 on Tuesday morning. This follows a 4.4% rise on Monday. Phillip Nova senior market analyst Priyanka Sachdeva said volatility persists due to ongoing tensions in the Strait of Hormuz.