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    • Oil Prices Slip After Rally Amid US Moves in Strait of Hormuz

    By on May 5, 2026
    crude oil
    crude oil

    Singapore:  Oil prices declined today after posting strong gains in the previous session, amid developments related to maritime security in the Strait of Hormuz.

    Brent crude futures for July delivery fell by 68 cents, or 0.6 percent, to $113.76 per barrel. US West Texas Intermediate (WTI) crude dropped by $1.59, or 1.5 percent, to $104.83 per barrel, after rising by 4.4 percent in the previous session.

    The gains had followed indications of US efforts to ensure the safe passage of commercial vessels through the Strait of Hormuz.

    The US Central Command (CENTCOM) announced that it has begun supporting “Project Freedom” to facilitate the movement of merchant ships عبر the strategic waterway.

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