▲ 36 r/oil

Oil prices remain close to one-month high as Yemen announces Red Sea blockade

Oil prices held close to a one-month high on Tuesday despite efforts to broker a truce between the US and Iran as the widening conflict and a new threat to Red Sea shipping kept supply fears alive.

Brent crude, the international benchmark, slipped 0.4 per cent to $88.87 a barrel, while US West Texas Intermediate held steady at $82.47. Both remained near the highs reached the day before, when Brent broke above $90 for the first time in more than a month.

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u/realnarrativenews — 4 days ago