Oil Price Today (May 5): Crude oil falls but holds above $110 as Iran war tensions persist. What are experts saying?

Oil prices edged lower on Tuesday after surging as much as 6% in the previous session, as signs emerged that the U.S. Navy is easing Iran’s blockade of the Strait of Hormuz, raising hopes of some supply returning from the Middle East.

The United States on Monday began a fresh operation to reopen the key waterway. Shipping group Maersk later confirmed that its U.S.-flagged vehicle carrier, Alliance Fairfax, had successfully exited the Gulf through the strait under U.S. military escort, calming immediate concerns over supply disruptions.

Brent crude for July delivery slipped 68 cents, or 0.6%, to $113.76 a barrel after rising 5.8% on Monday. U.S. West Texas Intermediate (WTI) crude dropped $1.59, or 1.5%, to $104.83, following a 4.4% gain in the prior session.

Tensions, however, remain elevated. Iran launched attacks in the Gulf on Monday in response to the U.S. move, as both sides vie for control of the Strait of Hormuz, a crucial route that typically carries around 20% of global ..