-- Crude oil prices fell on Tuesday but remained elevated amid volatility driven by renewed hostilities in the war between the U.S. and Iran.
Brent crude at last look lost 1.2% to US$113.12/barrel and West Texas Intermediate crude declined 1.9% to $104.40/barrel. This comes as the U.S. and Iran launched new attacks in the Gulf in efforts to gain control over the Strait of Hormuz, Reuters said in a Tuesday report.
Analysts said the easing of prices in recent sessions are not due to improvement in fundamentals but represented a temporary relief, the report said. However, limited safe passage appears to be possible, helping drive away worst-case supply scenarios, analysts noted.
"Prices continue to trade in a highly volatile range, driven largely by ongoing tensions in the Strait of Hormuz," Reuters quoted Phillip Nova's senior market analyst Priyanka Sachdeva as saying.