(RTTNews) – Oil prices were slightly lower on Tuesday, halting a recent rally as reports of mediation efforts between the United States and Iran helped ease worries over supply disruptions in the Middle East.
Brent crude futures traded half a percent lower near $89 a barrel as U.S. attacks on Iran continued for a tenth consecutive day, and Tehran retaliated by attacking several U.S. targets across the Gulf. WTI crude futures were down 0.3 percent at $82.21.
Media reports suggest that diplomatic efforts are underway to end hostilities between the United States and Iran.
Axios reported that U.S. President Donald Trump is nearing a decision between a 10-day ceasefire to reopen the Strait of Hormuz and a full-scale coordinated U.S.-Israeli campaign against Iran.
Despite ceasefire reports, the two sides carried out new attacks against each other, increasing the risk of disruptions to the global energy supply.
Houthi leaders in Yemen have declared a naval blockade against Saudi Arabia, threatening to expand the regional conflict.
Iran attacked a tanker in the Strait of Hormuz off Oman early today as the United States military conducted its tenth consecutive night of strikes on the country.
Two other ships were attacked in the Strait over the last 24 hours, with Iran’s parliamentary Revolutionary Guard claiming those assaults.
U.S. President Trump warned Iran that it would pay “many times over” for every American soldier killed.
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