Oil prices retreated on Tuesday after a sharp rise the previous day.
They had risen on Monday as the fragile truce in the Middle East appeared to be in danger. The United Arab Emirates said it had been attacked by Iran, while the US military said Iran had fired on ships and commercial vessels the Navy was guiding through the Strait of Hormuz, the vital trade route for oil and gas.
It was unclear whether Monday’s attacks meant the ceasefire had failed and the war had resumed.
At the same time, the United States was pressing China to help pressure Iran to reopen the strait, through which tankers transport up to a fifth of the world’s oil supply. Investors and analysts are focused on the continued disruption of shipping in the strait.
