Oil prices fell about 3% on Tuesday with at least one vessel passing through the Strait of Hormuz after the United States said the ceasefire with Iran remained in place despite exchanges
Oil prices fell about 3% on Tuesday with at least one vessel passing through the Strait of Hormuz after the United States said the ceasefire with Iran remained in place despite exchanges of fire between the U.S. and Iran following a U.S. effort to reopen the strait for oil tankers and other ships.
Brent futures fell $3.43, or 3.0%, to $111.01 a barrel at 10:29 a.m. EDT (1429 GMT), while U.S. West Texas Intermediate (WTI) crude fell $4.55, or 4.3%, to $101.87. Earlier in the session, Brent was down over $4 and WTI was down over $6.
Both crude benchmarks, however, pared earlier losses after the United Arab Emirates' defense ministry said its air defenses were dealing with missile and drone attacks coming from Iran on Tuesday, a second day of attacks after a four-week period of relative calm since the United States announced a ceasefire.
"The complex is pulling back today on what appears to be a deserved technical correction following another price leg up during the past week that has seen July Brent futures advance to new four-year high territory during the past couple of sessions," analysts at energy advisory firm Ritterbusch and Associates said in a note.
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