Oil prices ease as mediators propose US-Iran ceasefire

SINGAPORE: Oil prices fell 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 fell 96 cents, or 1.1 percent, to $88.26 per barrel by 09:30 a.m. Saudi time. US West Texas Intermediate crude was down 73 cents, or 0.9 percent, ​to $82.50 per barrel, while the more active contract for September delivery slipped 57 cents, or ​0.7 percent, to $81.91 a barrel. “There’s some hope of de-escalation between the US and Iran.

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