Oil retreats despite tensions, with Hormuz keeping markets on edge

Global oil prices fell on Monday after U.S. President Donald Trump announced that the United States had begun moves aimed at freeing ships stranded in the Strait of Hormuz, in a step that partially eased market concerns over maritime traffic.

Despite the decline, prices remained supported above the $100-a-barrel mark amid ongoing tensions between Washington and Tehran and the absence of any peace agreement that could ease the escalation in the region.

Brent crude futures fell by 64 cents, or 0.59%, to $107.53 a barrel by 23:08 GMT, after also posting a decline in last Friday’s session.

U.S. West Texas Intermediate crude also dropped by 84 cents, or 0.82%, to $101.10 a barrel, extending losses that began at the end of last week.