Oil eases amid signs Iran is allowing some tankers pass through Strait of Hormuz

Global oil prices fell sharply on Monday after a Pakistan-bound oil tanker passed through the Strait of Hormuz with its transponder on. The decline came even as countries have so far rebuffed Donald Trump’s request to send warships to escort vessels through the waterway. Meanwhile, the International Energy Agency said its members could unlock more oil from their strategic reserves after agreeing to jointly release a record 400 million barrels from their emergency stockpiles.