Oil slipped Tuesday, with Brent easing below 93 dollars, after the U.S. energy secretary said traffic through the Strait of Hormuz was picking up and President Trump claimed a reopening deal was two or three days away.
JPMorgan had estimated roughly 2 million barrels a day were slipping out on tankers with transponders switched off. Then the overnight U.S. strikes and Iran's reply tore up that optimism.
With about a fifth of seaborne oil tied to the strait, the risk premium is back and crude is set to climb.
Sources: CNBC.
