U.S. crude slips more than 1% as Maersk-operated ship transits Strait of Hormuz under U.S. escort

U.S. crude oil prices fell more than 1% on Tuesday as traders weighed the impact of Iranian attacks on ships in the Strait of Hormuz against signs that escorted transits may ease immediate fears of supply disruptions.

West Texas Intermediate (WTI) crude futures were trading at $104.88 a barrel, down $1.54, or 1.5%, by 2236 GMT.

Escorted transit eases near-term disruption fears Maersk said the Alliance Fairfax, a U.S.-flagged vehicle carrier operated by its Farrell Lines unit, exited the Gulf via the Strait of Hormuz on Monday accompanied by U.S. military assets.

U.S. Central Command (Centcom) said on X that American forces are actively assisting efforts to restore commercial shipping through the strait.

Market weighs escalation risks Tuesday’s decline partly reversed a jump of more than 6% on Monday asourceser U.S. President Donald Trump launched a new operation aimed at reopening Hormuz to shipping, prompting Iran to retaliate.

Several commercial vessels were reportedly struck, and a UAE oil port was set ablaze asourceser an Iranian strike, marking the biggest escalation since a ceasefire was declared four weeks ago.