Oil prices fell on Tuesday after a sharp rise a day earlier.
They had increased on Monday as the fragile truce in the Middle East appeared under threat. The United Arab Emirates said it was attacked by Iran, while the U.S. military said Iran fired on ships and commercial vessels that the navy guided through the Strait of Hormuz, the vital trade route for oil and gas.
It remains unclear whether Monday’s attacks mean the breakdown of the ceasefire and the resumption of war.
At the same time, the United States was pushing China to help pressure Iran to reopen the strait, through which tankers carry up to a fifth of the world’s oil supply. Investors and analysts are focusing on the continued disruption to shipping across the strait.
