Oil eases on signs US is loosening Iranian closure of Strait of Hormuz
- Posted on May 5, 2026
- By Business News Today
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- 1 min read
Oil eases on signs US is loosening Iranian closure of Strait of Hormuz
Oil prices saw a dip on Tuesday. This followed a significant rise after the U.S. Navy began operations to reopen the Strait of Hormuz. A U.S.-flagged vessel successfully exited the Gulf. This eased immediate supply disruption fears. However, Iran launched attacks in the Gulf. Several commercial vessels were struck. A key oil port in the UAE was set ablaze.
