Brent crude futures retreated on Tuesday but held near $114 a barrel following fresh hostilities in the Middle East, while investors monitored developments in the U.S.-Israeli conflict with Iran.The U.S. and Iran
Brent crude futures retreated on Tuesday but held near $114 a barrel following fresh hostilities in the Middle East, while investors monitored developments in the U.S.-Israeli conflict with Iran.
The U.S. and Iran launched new attacks in the Gulf on Monday as they wrestled for control over the Strait of Hormuz with duelling maritime blockades, shaking a fragile truce.
Brent crude futures LCOc1 eased 93 cents, or 0.8%, to $113.51 per barrel at 0719 GMT after settling up 5.8% on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.16, or 2%, to $104.26, after gaining 4.4% in the previous session.
"Prices continue to trade in a highly volatile range, driven largely by ongoing tensions in the Strait of Hormuz," said Phillip Nova's senior market analyst Priyanka Sachdeva.
"While prices have eased slightly in recent sessions, this is not due to any real improvement in fundamentals, but rather a temporary relief after the U.S. launched 'Project Freedom'," she added.
The U.S. on Monday launched a new operation aimed at reopening the strait to shipping. Maersk later said the Alliance Fairfax, a U.S.-flagged vehicle carrier, exited the Gulf via the strait accompanied by the U.S. military.
"It shows that limited safe
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