Oil prices eased in Asian trade on Wednesday, after a gain of 4% in the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve rates decision that could impact oil demand.

The conflict between Israel and Iran has yet to hit tanker or container rates, while prices on the eastbound trans-Pacific may have peaked.

Shipowner Frontline said the incident near the Strait of Hormuz was due to navigational issues and not related to the current Israel-Iran conflict.