Framing Analysis
Brent crude futures declined $1.42 to $98.16 per barrel and WTI crude fell $1.66 to $92.23 per barrel as of 0253 GMT Wednesday, erasing part of the prior day's 4 percent gain. The moves occurred after US military strikes near the Strait of Hormuz on Tuesday, Iranian accusations of ceasefire violations, and increased Israeli bombing in Lebanon. Some LNG tankers continued passage through the Strait in recent days.