WTI crude futures fell to around $102 per barrel on Tuesday, erasing earlier gains after reports that President Donald Trump told aides he is prepared to halt the US military campaign against Iran even if the Strait of Hormuz remains largely closed, a move that could enhance Tehran’s leverage over the vital shipping lane. At the same time, Iran struck a Kuwaiti oil tanker near a Dubai port, highlighting escalating risks for maritime traffic in the Persian Gulf. Iran-backed Houthi forces in Yemen also escalated the regional conflict by targeting Israel over the weekend, while Tehran is reportedly preparing to disrupt shipping in the Red Sea. Together, these developments threaten to further constrain energy flows from the Middle East, as two of the world’s most critical trade and energy corridors face potential disruption. Despite the latest pullback, the US oil benchmark remains on course for a record monthly gain of more than 50%.