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Oil pulls back after hitting a 2026 high on day one of Trump’s plan to unblock Hormuz
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CNN Expansion London 04/23 Hanna Ziady
Hanna Ziady
Updated May 5, 2026
After successfully navigating the Strait of Hormuz, the Indian-flagged crude oil tanker Desh Garima is seen docked at the Mumbai Port in Mumbai, India, on April 30, 2026.
After successfully navigating the Strait of ...
Oil prices fell Tuesday after posting sharp gains at the start of the week as fresh attacks in the Gulf raised doubts about the durability of a ceasefire between the United States and Iran.
Brent crude, the global oil benchmark, was down 1.4% to $112.9 a barrel early in the US morning, after jumping 5.8% on Monday to settle at $114.4 –– its highest closing price in 2026. West Texas Intermediate (WTI), the US benchmark, declined 2% to $104.2 a barrel, having gained 4.39% to close at $106.42 on Monday.
US President Donald Trump’s new plan to guide ships through the blocked Strait of Hormuz was met with renewed Iranian attacks in the Gulf, including on a major oil port in the United Arab Emirates. Both sides are looking to “exert influence” over the strait,