Oil Price Today (May 5): Crude oil falls but holds above $110 as Iran war tensions persist. What are experts saying?

Oil prices dipped Tuesday after a significant surge, as the U.S. Navy initiated operations to reopen the Strait of Hormuz. A U.S.-flagged vessel successfully navigated the passage, easing immediate supply concerns. However, tensions remain high with Iran launching attacks in response, impacting commercial shipping and an UAE oil port.