Abu DhabiBrent crude fell more than 3% to $110 a barrel.
Hormuz traffic averaged 3.3 ships a day to 25 October, 18% below normal.
Trump signalled more time for diplomacy with Iran before renewed strikes, and the US votes in midterms Tuesday.
UK Maritime Trade Operations reported a ship hit by a projectile in the strait Sunday, after Friday’s attack on a gas tanker.
UBS expects Brent near $110 at year-end, citing record freight costs and constrained tanker capacity.
How each outlet framed it
- The National
- foregrounds Trump's 'either they'll make a deal, or we'll just end it' remarks and his plan to wait past the midterms
- Bloomberg Business
Sources: Bloomberg Business, The National