Oil Holds Gain as Iran, US Exchange Fire in Middle East Flareup

Oil held the bulk of a sharp gain after fighting flared in the Middle East, with the US and Iran exchanging fire, renewed attacks on energy infrastructure, and vessels hit near the Strait of Hormuz.

Brent traded near $114 a barrel, after surging almost 6% on Monday, while West Texas Intermediate was below $105. The US military fought off Iranian attacks as it guided two US-flagged vessels through the waterway, according to US Central Command. In the United Arab Emirates, an oil terminal in Fujairah was hit.