Oil prices dip as mediation efforts offset US-Iran strikes
Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the US and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis. Brent crude futures eased 35 cents, or 0.4%, to $88.87 per barrel by 0052 GMT, while US West Texas Intermediate crude for September delivery was steady at $82.47 a barrel. Both contracts were trading below their highest levels in more than a month hit in the previous session.