The prices of West Texas Intermediate (WTI) and Brent crude oil fell, as the US Secretary of Defense stated that two commercial ships and a US destroyer passed through the Strait of Hormuz smoothly.

BlockBeats News, May 5th, according to Bitget market data, Brent crude oil dropped to $110 per barrel, down 2.08% intraday. WTI crude oil fell below $104 per barrel, with a daily decline of 2.10%.

On the news front, U.S. Secretary of Defense Hegseth stated that two U.S. commercial vessels and a U.S. Navy destroyer have smoothly passed through the Strait of Hormuz, with hundreds of vessels still waiting for passage globally. Hegseth said: "The two U.S. commercial vessels, along with the U.S. destroyer, have safely transited the strait, demonstrating that the waterway is open." He added, "We know Iran is embarrassed by this fact. They claim to control the strait, but that's not the reality."