Oil prices dip as US and Iran trade accusations over military actions in the Strait of Hormuz amid an ongoing truce.
US President Donald Trump stated a ceasefire with Iran remains in effect despite recent military clashes in the Strait of Hormuz. The remarks follow US Central Command’s defensive strikes on Iranian assets after attacks on three US destroyers in the region.
Iran accused the US of violating the truce by targeting ships and civilian areas. Earlier, WTI crude oil fell 1.52% to $92.88 amid heightened tensions, though the ceasefire announcement may limit further volatility.
The Strait of Hormuz is a critical chokepoint for global oil shipments, and disruptions often impact crude prices. Market participants are monitoring developments for signs of escalation or de-escalation.