Oil prices were lower today settling down as expectations for interest cuts waned. “The market is correcting itself in so far as there have been no supply disruptions and they think it is unlikely that the Iranian warship will engage with American warships,” said Andrew Lipow, president of Lipow Oil Associates. On Sunday, U.S. helicopters repelled an attack by Iran-backed Houthi forces on a container vessel operated by Maersk in the Red Sea. On Monday, an Iranian warship had entered the Red Sea, according to the semi-official Tasnim news agency. Denmark’s Maersk and German rival Hapag-Lloyd said their container ships would keep avoiding the Red Sea route that gives access to the Suez Canal. WTI traded down $1.27 or -1.8% to close at $70.38. Brent traded down $1.15 or -1.5% to close at $75.89.