WASHINGTON (dpa-AFX) - Both Brent and WTI crude oil price benchmarks eased on Tuesday after surging heavily on Monday amidst fears of the latest flare-up in the Strait of Hormuz jeopardizing the U.S.-Iran ceasefire. Crude oil prices retreated amidst reports of a U.S.-flagged ship being escorted out of the Strait of Hormuz.
Brent Oil Futures for July settlement are currently trading at $112.43, having slipped 1.76 percent from the previous close of $114.44. The day's trading ranged between $111.89 and $114.43. The 52-week trading ranged between $58.72 and $126.41.
With the day's decline, Brent's price gains have fallen to 1.1 percent over the past week and 2.5 percent over the past month. Year-to-date gains are close to 85 percent. Brent oil is currently up more than 86 percent from the levels a year ago and up more than 49 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for June settlement slipped 2.8 percent from the previous close of $106.42 to trade at $103.47. Prices ranged between a high of $105.41 and a low of $103.13 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight decline, WTI crude oil is holding on to weekly gains of 3.8 percent. However, losses over the past month exceed 7.7 percent. Year-to-date gains exceed 80 percent. WTI prices are currently around 81 percent above the levels a year ago and more than 45 percent above the levels three years ago.
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