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Oil drops to $88.87 per barrel
Oil prices declined today, Tuesday, amid market assessments of reports regarding mediation efforts between the United States and Iran, as tensions in the region persist. Brent crude futures fell by 0.4%, reaching $88.87 per barrel, while West Texas Intermediate remained steady at $82.47, after hitting their highest levels in over a month in the previous session. Meanwhile, the Iran-backed Houthis announced their intention to impose a naval blockade on Saudi Arabia, threatening global energy supplies and trade movements. Iranian sources also revealed that Tehran received a proposal for a 10-day ceasefire aimed at maintaining a temporary agreement to help end the ongoing conflict since February.
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