Ammon News - Oil prices ​eased more than 1% on Tuesday after climbing by as much as 6% in the previous session on ‌signs the U.S. Navy is loosening Iran's grip on the Strait of Hormuz, potentially opening up supply from the Middle East.

The U.S. on Monday launched a new operation aimed at reopening the strait to shipping. Maersk (MAERSKb.CO), opens new tab later said the Alliance Fairfax, a U.S.-flagged vehicle carrier, exited the Gulf via the strait accompanied by ​the U.S. military, easing some supply disruption fears.

Brent oil futures for July fell $1.22, or 1.1%, to $113.22 per barrel at 0323 ​GMT after settling up 5.8% on Monday. U.S. West Texas Intermediate (WTI) crude fell $2.02, or 1.9%, to $104.40, after ⁠gaining 4.4% in the previous session.

"The successful escorted exit of the Maersk-operated vessel has helped ease some immediate supply disruption fears," said ​Tim Waterer, chief market analyst at KCM Trade.

"It shows that limited safe passage is possible under current conditions and helps chip away at ​some of the worst-case supply disruption fears. However, it's still very much a one-off event rather than a full reopening," he said in an email.

Reuters