Brent Eases After Sharp Rally

2026-05-04 23:25 By Jam Kaimo Samonte 1 min. read

Brent crude futures fell below $113 per barrel on Tuesday, but held most of the previous session's rally as Middle East tensions intensified sharply.

The US and Iran exchanged fire in the Strait of Hormuz, raising uncertainty over the durability of the four-week ceasefire.

US forces repelled Iranian attacks while escorting two US-flagged vessels through the strategic waterway, stating they had “defended all commercial ships” from drones and small boats deployed by Tehran.

Meanwhile, the UAE reported intercepting Iranian missiles and confirmed a fire at its Fujairah oil terminal.

These developments came after President Trump outlined plans to restore shipping through Hormuz and support stranded vessels, though shipowners remain wary given elevated security risks.

The latest flare-up in the strait indicates that the route is likely to stay closed until a US–Iran agreement is reached, leaving markets cautious about the potential for further gains in energy prices.



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