Brent prices dip, but float above $110, amid U.S.-Iran clashes in Strait of Hormuz in Oil & Companies News 06/05/2026 slipped on Tuesday after a sharp rally in the previous session, as investors weighed escalating tensions in the Gulf against U.S. efforts to stabilize shipping through the Strait of Hormuz. As of 05:21 ET (09:21 GMT), , the global oil benchmark, had fallen by 1.1% to $113.16 per barrel, while U.S. West Texas Intermediate (WTI) crude futures had dropped by 1.9% to $104.37 per barrel. In the previous session, Brent crude jumped over 4%, and WTI ended roughly 6% higher, driven by intensifying conflict between the U.S. and Iran, including attacks on energy infrastructure and vessels transiting the Strait of Hormuz. Potential signs have emerged that Iran’s grip over the strait may be loosening. In particular, a statement from shipping giant Maersk said a U.S.-flagged vehicle carrier operated by one of its subsidiaries had exited the Gulf via the waterway with the assistance of American military support. Yet market sentiment remained fragile after renewed military exchanges on Monday, when U.S. and Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway. The flare-up rattled an already shaky ceasefire and heightened fears of prolonged supply disruption. Tensions ratcheted up further after Iranian strikes reportedly targeted infrastructure in the United Arab Emirates, including an oil terminal in the port city of Fujairah. “A re-escalation of tensions in the Persian Gulf pushed oil and gas prices higher as the market once again reprices the duration of supply disruptions from the region,” ING analysts said in a note. Iranian Foreign Minister Abbas Araghchi on Monday warned that military action would not yield a resolution to the Hormuz crisis, but also said that talks in Pakistan were making headway. U.S. President Donald Trump recently announced a new initiative, “Project Freedom,” aimed at a