Oil eases on signs US is loosening Iranian closure of Strait of Hormuz

Oil prices eased on Tuesday after climbing by as much as 6% in ‌the previous session on signs the U.S. Navy is loosening Iran’s closure of the key Strait of Hormuz waterway, potentially opening up supply from the key Middle East producing area. The U.S. on Monday launched a new operation aimed at reopening Hormuz to shipping and ​Maersk said later its Alliance Fairfax, a U.S.-flagged vehicle carrier, exited the Gulf via the strait accompanied ​by U.S. military assets, easing some immediate supply disruption fears. Brent oil futures for July fell ⁠68 cents, or 0.6%, to $113.76 per barrel at 0100 GMT, after settling up 5.8% on Monday. U.S. West Texas Intermediate (WTI) ​crude fell $1.59, or 1.5%, to $104.83, after gaining 4.4% in the previous session.