By Scott DiSavino NEW YORK, May 5 (Reuters) - Oil prices fell about 3% on Tuesday with at least one vessel passing through the Strait of Hormuz after the United States said the ceasefire with Iran remained in place despite exchanges of fire between the U.

President Donald Trump has announced the US will help "guide" ships that have been stranded by Iran's closure of the Strait of Hormuz.

Central banks turn hawkish as oil-driven inflation complicates rate outlook

Oil prices fell Tuesday after posting sharp gains at the start of the week as fresh attacks in the Gulf raised doubts about the durability of a ceasefire between the United States and Iran.

Trump launches 'Project Freedom' in bid to open strait

It comes as the key waterway continues to impact gas prices in the U.S. with costs up 35 cents in just the past week.

Oil prices pulled back on Tuesday after a sharp increase a day earlier.

Oil prices ticked down and futures on the S&P 500 rose slightly on Sunday as investors reacted to continued uncertainty surrounding talks between the United States and Iran.

The U.S. stock market fell from its record heights Monday, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran.

Oil prices jumped as traders assessed the potential for the Iran war to flare up again after the UAE said it was attacked with missiles launched by Iran.

Since the start of the war in Iran in late February, President Donald Trump has made increasingly contradictory statements about the United States’ strategy.

President Donald Trump said Sunday the U.S. will help free some ships stuck in the Strait of Hormuz amid the U.S. and Israel’s ongoing war with Iran.