Global oil prices dip below $87 a barrel after new Iran ceasefire proposal. Blockade on Saudi by Yemen's Houthis keeps losses in check.

By Mike Murphy and Isabel Wang

Global oil prices reverse to below $87 a barrel after report of new Iran cease-fire proposal

Global oil prices dip below $87 a barrel after new Iran ceasefire proposal. Blockade on Saudi by Yemen's Houthis keeps losses in check.

By Isabel Wang and Myra P. Saefong

Oil prices softened on Tuesday as markets weighed mediation efforts. Fresh attacks between the United States and Iran also influenced market sentiment. Yemen's Houthis threatened…