Brent Eases on Ceasefire Hopes

Brent crude slipped toward $88 per barrel on Tuesday, easing slightly from five-week highs as hopes grew that peace negotiations between the US and Iran could resume after several days of escalating attacks. Mediators worked on Monday to encourage both sides to agree to a new ceasefire, while reports pointed to a possible 10-day truce. Still, oil prices have rallied sharply this month as US attacks on Iran continued for a tenth consecutive day, while Tehran carried on with retaliatory strikes against neighboring countries. Tensions intensified after President Donald Trump warned that Tehran would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea.