Global oil prices have slipped a day after the United States launched an operation aimed at reopening the Strait of Hormuz to shipping, although exchanges of fire between the US and Iran limited the decline, Reuters reports.

Brent crude futures eased $2.99, or 2.6 per cent, to $111.45 a barrel at 13:22 GMT (6:22pm PKT) after settling up 5.8pc on Monday. US West Texas Intermediate crude fell $3.70, or 3.5pc, to $102.72, after gaining 4.4pc in the previous session.