U.S. oil prices ended Tuesday with a modest gain, after a brief spike following the news that Iran seized a Western cargo ship in the Strait of Hormuz. Light, sweet crude for June delivery rose 7 cents, or 0.1%, to $57.06 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, fell 19 cents, or 0.3%, to $64.64 a barrel on the ICE Futures Europe exchange. The oil market was roiled by a report on the maritime confrontation, sending U.S. crude prices to as high as $57.73 a barrel. Later, the U.S. Department of Defense clarified that the cargo ship that was taken over by the Iranian forces bore a Marshall Islands flag, and there were no U.S. citizens on board. The Pentagon also said the incident took place in Iranian waters, instead of international waters. “When we first saw the report, it was unclear […]