Hormuz Risks Keep Oil Prices Above $100

Oil prices have eased slightly but remain above $100 as concerns over supply disruptions persist in the Strait of Hormuz.

The price of West Texas Intermediate crude fell to $100.00 a barrel, down $2.43 or 2.37%, while Brent crude stood at $104.60, down $3.02 or 2.81%.

The decline came as traders weighed the impact of diplomatic efforts to restore shipping through the strait against continued military and maritime threats.

The UK Maritime Trade Operations agency reported a projectile struck a vessel in the Strait, while Iranian state media said an Iranian commercial vessel was hit near Qeshm Island, killing one person and injuring others.