Oil prices ease as mediators propose US-Iran ceasefire

Oil prices fell on Tuesday, with markets weighing reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.

Brent crude futures LCOc1 fell 96 cents, or 1.1%, to $88.26 per barrel by 0630 GMT. U.S. West Texas Intermediate crude CLc1 was down 73 cents, or 0.9%, to $82.50 per barrel, while the more active contract for September delivery CLc2 slipped 57 cents, or 0.7%, to $81.91 a...