Oil Declines as Fragile Truce Holds Following Hormuz Clashes

Oil fell as the four-week ceasefire in the Middle East held on Tuesday, after clashes in the Strait of Hormuz and strikes on the United Arab Emirates triggered a jump in prices a day earlier.

Brent crude slid 4% to settle below $110 a barrel, nearly erasing all gains from Monday’s session. Open interest in the global benchmark dropped to its lowest level since August as capital shifts to the sidelines amid heightened uncertainty and volatility.