US crude eases more than 1%, traders weigh supply risks
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
May 5 : U.S. crude eased more than 1 per cent on Tuesday as the market weighed the impact of Iranian attacks on ships in the Strait of Hormuz and news that a U.S.-flagged ship operated by Maersk had transited the strait accompanied by U.S. military.
U.S. West Texas Intermediate was at $104.88 a barrel, down $1.54, or 1.5 per cent, by 2236 GMT.
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 accompanied by U.S. military assets on Monday, easing some immediate supply disruption fears.
American forces are actively assisting efforts to restore commercial shipping through the Strait of Hormuz, U.S. Central Command (Centcom) said on X on Monday.
Oil prices had jumped more than 6 per cent on Monday after U.S. President Donald Trump launched a new operation aimed at reopening Hormuz to shipping, prompting Iran to retaliate in a bid to maintain its grip on the vital energy transit route.
Several commercial vessels were reportedly struck, while a UAE oil port was set ablaze after an Iranian strike as Trump's attempt to use the U.S. Navy to free up shipping provoked the war's biggest escalation since a ceasefire was declared four weeks ago.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app