Oil prices pulled back on Tuesday after a sharp increase a day earlier.
The price of Brent crude, the global benchmark for oil, dipped 1% to around $113 a barrel.
WTI crude, the U.S. benchmark, fell 2% to about $104 a barrel.
The oil prices had surged on Monday as the fragile truce in the Middle East appeared to be in jeopardy. The UAE said it had been attacked by Iran, while the U.S. military said Iran had fired at the ships and commercial vessels that the Navy was guiding through the Strait of Hormuz, the vital trading route for oil and gas.
