US-Iran war, May 5 -- Oil prices retreated on Tuesday, 5 May, after surging as much as 6% in the previous session, amid indications that the US Navy may ease Iran's blockade of the crucial Strait of Hormuz, potentially allowing increased supply from the Middle East.

Brent crude for July delivery slipped 68 cents, or 0.6%, to $113.76 per barrel, following a 5.8% jump on Monday. Meanwhile, US West Texas Intermediate (WTI) crude declined $1.59, or 1.5%, to $104.83, after rising 4.4% in the previous session.

Back home, crude oil prices on Multi Commodity Exchange (MCX) also fell marginally, tracking global prices, down 0.69% at Rs.9,985 per barrel.

The US initiated a fresh operation on Monday to restore shipping through the Strait of Hormu...