Oil prices dip as mediation efforts offset US-Iran strikes

Brent crude eased 0.4 percent to $88.87 per barrel while US WTI held steady at $82.47 as ceasefire mediation efforts offset escalating US-Iran strikes. Yemen's Iran-aligned Houthis announced a naval blockade on Saudi Arabia, raising risks to global energy supplies, while a senior Iranian official confirmed Tehran received a proposal for a 10-day ceasefire. Analysts noted oil has significant upside potential but peace talks are temporarily capping prices, and US crude stockpiles were expected to have declined last week.