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,
