Key facts
- Oil prices eased as mediation efforts between the U.S. and Iran were reported.
- Yemen's Iran-aligned Houthis threatened a naval blockade on Saudi Arabia.
- Iran received a proposal for a 10-day ceasefire from mediators.
- The U.S. and Iran exchanged strikes and attacks.
- Brent crude futures fell to $88.77 per barrel.
- Asian stocks gained as mediation efforts pushed oil prices lower.
Crude oil prices reversed their climb as reports emerged of efforts to negotiate a ceasefire between the United States and Iran, despite continued missile strikes in the Persian Gulf and threats to global energy supplies. Brent crude traded at $88.77 per barrel, down from over $90, and West Texas Intermediate was changing hands for $82.31 per barrel. Yemen's Iran-aligned Houthis threatened to impose a naval blockade on Saudi Arabia, potentially escalating regional tensions and threatening energy supplies beyond the Gulf. Separately, a senior Iranian official informed Reuters that Tehran had received a proposal from mediators for a 10-day ceasefire, following recent strikes and attacks between the U.S. and Iran. Asian stocks rose as mediation efforts in the Middle East pushed oil prices away from a one-month high. ING commodity analysts warned that any new Red Sea disruption would redirect ship traffic again, forcing freighters to go around Africa, increasing voyage times and costs.