Oil prices ease as markets assess Middle East conflict and Houthi shipping threat
Oil prices edged lower on Tuesday as investors balanced renewed US-Iran military tensions against ongoing diplomatic efforts to prevent wider energy supply disruptions. Brent crude fell 0.5% to $88.80 per barrel, and WTI slipped 0.5% to $82.81. Diplomatic talks continued in Islamabad between Pakistani and Iranian officials, while US Secretary of State Marco Rubio signaled potential negotiations. However, military operations persisted: a tanker was attacked in the Strait of Hormuz near Oman, with Iran's Islamic Revolutionary Guards Corps claiming responsibility. The US military completed a tenth consecutive day of strikes targeting Iranian assets. Meanwhile, Yemen's Houthi movement announced plans to blockade Saudi vessels, raising concerns about the Bab al-Mandab Strait, a critical shipping lane for global oil trade. Analysts noted that geopolitical risks provide underlying support for crude prices, but expectations that past crises have not caused prolonged disruptions limited gains. Investors await US inventory data for further demand indications.
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