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

The Independent · back to the audit

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.

The slight retreat came after reports of a mediation effort to pause the fighting between US and Iran. Tehran had received a proposal from mediators for a 10-day ceasefire, an effort to salvage an interim deal signed on 17 June to end the US-Israeli war on Iran that started on 28 February, a senior Iranian official told Reuters.

In spite of the efforts to secure a ceasefire, the US launched airstrikes for the 10th straight night, after president Donald Trump warned that Tehran would "pay" for the killing of American soldiers in Jordan. Iran responded with attacks on Kuwait.