Oil prices dip as mediation efforts offset US-Iran strikes

Brent crude eased 0.4 percent to $88.87 per barrel while WTI held steady at $82.47 as mediation efforts for a proposed 10-day US-Iran ceasefire offset ongoing military strikes between the two countries. Yemen's Iran-aligned Houthis announced a naval blockade on Saudi Arabia, raising risks to global energy supplies and trade routes beyond the Gulf. Analysts said de-escalation talk was capping near-term oil upside, though prices retained potential to climb higher if diplomatic efforts fail.