Oil prices dip as traders weigh U.S.-Iran conflict, Houthi’s Saudi blockade threat

AI Summary

Oil prices declined slightly due to concerns over escalating US-Iran conflict and threats from Houthi forces to Saudi crude supply lines in the Gulf region. Brent crude futures fell by 0.5% amid ongoing diplomatic efforts to ease tensions.

Oil prices edged lower on Tuesday, as hopes remained for diplomatic efforts to quell intensifying strikes between the U.S. and Iran which have threatened crude supply flows out of the crucial Gulf region By 04:53 ET (08:53 GMT), Brent crude futures, the global oil benchmark, had fallen by 0.5% to $88.80 a barrel, while U.S. ...