On May 5, crude oil prices experienced a decline after a substantial rise of 6% the previous day. Brent crude for July delivery slipped by $0.68, settling at $113.76 per barrel, while US West Texas Intermediate (WTI) crude fell by $1.59 to $104.83. The decline follows indications that the US Navy may ease Iran's blockade of the Strait of Hormuz, a vital shipping route that facilitates nearly 20% of the world's oil and gas supply. The US has initiated operations to secure shipping through the strait, with reports of successful exits by commercial vessels under military protection. However, tensions escalated as Iran launched attacks in the Gulf, leading to concerns about supply disruptions. Analysts suggest that the outlook for crude oil prices remains uncertain, with potential for sharp fluctuations based on geopolitical developments, particularly regarding negotiations and military actions in the region.