Oil prices eased more than one per cent after climbing by as much as 6pc in the previous session on signs the US Navy is loosening Iran’s grip on the Strait of Hormuz, potentially opening up supply from the Middle East, AFP reports.

Brent oil futures for July fell $1.22, or 1.1pc, to $113.22 per barrel at 0323 GMT after settling up 5.8pc on Monday. US West Texas Intermediate crude fell $2.02, or 1.9pc, to $104.40, after gaining 4.4pc in the previous session.