Crude oil prices dip as Strait of Hormuz warning keeps Brent near $69
Brent crude slipped 0.35% to $68.80 a barrel Tuesday after U.S. warnings to ships near Iran sparked supply concerns. The U.S. Maritime Administration urged vessels to avoid Iranian waters in the Strait of Hormuz, a route for a fifth of global oil. OPEC output fell by 60,000 bpd in January. The EU is considering new sanctions on ports handling Russian oil.