Oil held a decline as the US said offensive operations against Iran are over as it shifts to protecting shipping in the Strait of Hormuz, which remains largely closed.

West Texas Intermediate rose toward $103 a barrel, after sliding 3.9% on Tuesday, while Brent closed near $110. “Operation Epic Fury is concluded,” Secretary of State Marco Rubio told reporters at the White House, 66 days after the US and Israel began bombing Iran. “We achieved the objectives of that operation.”