Brent June futures fell 3.3% to $114.08/barrel and WTI down 1.9% to $104.86/barrel on Thursday.
Prices slipped despite earlier record March gains, as Hormuz shutdown and US naval blockade keep supply disrupted.
Trump reportedly seeks international coalition to reopen Hormuz and prepares for possible Iran strike, fueling market volatility.
JPMorgan analysts estimate Hormuz closure cuts >10% of global crude supply, yet Brent up 43% YoY average.