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Oil prices fell in choppy trade Monday, as market participants assess U.S. President Donald Trump’s announcement to “free” ships that have been trapped due to the closure of the Strait of Hormuz, amid lingering tensions between Tehran and Washington.
International benchmark Brent crude futures fell 0.35% to $107.77 per barrel, while U.S. West Texas Intermediate futures were down 0.57% at $101.31 per barrel.
As the Hormuz Strait continues to face a blockade, traffic via the critical energy waterway that saw about a fifth of the world’s energy supplies transit through it prior to the war, has come to a near standstill.
The United Kingdom Maritime Trade Operations agency said Monday that a tanker was hit by projectiles north of the city of of Fujairah in the United Arab Emirates, underscoring the dangers for ships navigating the Mideast region.
