Follow live updates as crude hovers near $80/barrel amid US-Iran diplomatic hopes, Strait of Hormuz uncertainty, and fresh Houthi attacks on Saudi tankers in the Gulf of Aden.

Tanker traffic through the Strait of Hormuz stays near a two-month low as Iran and the Houthis escalate threats to Gulf and Red Sea shipping.

Oil prices experienced a significant decline on Tuesday, falling over five percent. Hopes for a diplomatic resolution to the West Asia conflict emerged. This potential resolution…