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Oil prices
\nsoftened on Tuesday, with markets weighing reports of mediation efforts between
\nthe \u200cU.S. and Iran against an exchange of fresh attacks between the two and
\nthreats of a naval blockade of Saudi Arabia by Yemen’s Houthis.<\/p>\n
Brent crude
\nfutures eased 78 cents, or 0.9%, to $88.44 per barrel by 0415 GMT. U.S. West
\nTexas Intermediate crude was down 73 cents, \u200bor 0.9%, to $82.50 per barrel,
\nwhile the more active contract for September delivery slipped 41 cents, or
\n\u200b0.5%, to $82.07 a barrel.<\/p>\n
“There’s
\nsome hope of de-escalation between the U.S. and Iran. \u2060Reports are that mediators are proposing a 10-day ceasefire, which could
\nput the Memorandum of Understanding (MoU) back \u200bon track,” ING analysts said in a note,
\nreferring to the June interim deal.<\/p>\n
However, this
\nwon’t be easy \u200bas major differences remain between Washington and Tehran, while
\nTrump has warned of retaliation after several U.S. troops were killed, ING
\nadded.<\/p>\n
A senior
\nIranian official told Reuters Tehran had received a proposal from mediators for
\na 10-day ceasefire in efforts to \u200bsalvage the deal signed on June 17, intended
\nto pave the way for a lasting agreement to \u200bend the war that began on February
\n28 with U.S.-Israeli attacks on Iran.<\/p>\n
The diplomatic
\npush followed another night of U.S. \u200cstrikes on \u2060Iranian cities and attacks by Iran’s
\nRevolutionary Guards on U.S. military assets across the region. Later on
\nMonday, U.S. Central Command said it had begun another round of strikes on
\nIran.<\/p>\n
A tanker in the
\nStrait of Hormuz reported being struck by an unknown projectile, forcing its
\ncrew to abandon ship and board a lifeboat, the United \u200bKingdom Maritime Trade
\nOperations agency \u200bsaid on Tuesday. Vessel \u2060crossings via the strait also dropped further
\namid growing caution following fresh attacks between the U.S. and Iran.<\/p>\n
Additionally,
\nYemen’s Iran-aligned Houthis said on Monday they would impose a naval \u200bblockade
\non Saudi Arabia, opening a potential new front against the U.S. in \u200bits war \u2060on Iran and raising the threat to global energy supplies and trade
\nbeyond the Gulf.<\/p>\n
“The
\nthreats of a naval blockade on Saudi Arabia by the Houthis are significant
\nbecause they raise the risk of disruption to another major \u2060oil \u200bexporter,” said Tim Waterer, chief market analyst
\nat KCM Trade.<\/p>\n
Meanwhile, U.S.
\ncrude \u200boil stockpiles were expected to have fallen last week alongside
\ngasoline, while distillate stocks likely rose, a preliminary Reuters poll
\nshowed on \u200bMonday.<\/p>\n
(Reuters)<\/p>\n
Only the
\nheadline is edited by Shafaq News.<\/p>\n","protected":false},"excerpt":{"rendered":"2026-07-21T05:28:46+00:00 font Enable Reading Mode A- A A+ Shafaq News Oil prices softened on Tuesday, with markets weighing…\n","protected":false},"author":2,"featured_media":775389,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[16993,4,450,320257,451,3,330733,452,453],"class_list":["post-775388","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking-news","tag-breaking","tag-breaking-news","tag-breakingnews","tag-global-oil-prices","tag-headlines","tag-news","tag-oil-retreats-on-mediation-hopes","tag-top-stories","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/775388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=775388"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/775388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/775389"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=775388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=775388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=775388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}