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Brent crude held near $114 despite a slight dip, as renewed US-Iran hostilities in the Strait of Hormuz fueled market uncertainty. While limited shipping movement offered brief relief, escalating naval clashes and attacks on vessels continue to threaten global oil supply routes.

World leaders on Tuesday piled pressure on Tehran to stick to diplomacy to bring an end to the Middle East war, after a salvo of attacks in the region left a ceasefire crumbling.

Iran has dismissed claims that US forces sank six Iranian naval vessels that were allegedly threatening commercial shipping in the Strait of Hormuz.    

US President Donald Trump has rejected an Iranian counterproposal to a peace plan previously conveyed via Pakistani intermediaries.

At least three Indian nationals have been injured in a drone strike on a major petroleum industrial site in the Emirate of Fujairah in the United Arab Emirates, the authorities have said.

The US has evacuated and transferred 22 Iranian crew members to Pakistan in what is being described as a confidence-building measure.

Iran's military warned US forces on Monday not to enter the Strait of Hormuz after President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran.

Kuwait exported zero barrels of crude oil last month, according to data from a shipping monitor, marking the first such halt since the 1991 Gulf War.