International oil prices fell slightly on Tuesday as reports emerged of mediation efforts to ease tensions between the United States and Iran. Brent crude dropped by 35 cents, or 0.4 percent, to 88.87 dollars per barrel, while US West Texas Intermediate (WTI) for September delivery remained nearly unchanged at 82.47 dollars. The decline followed a recent surge that had pushed prices above 90 dollars per barrel earlier in the month.

The price movement came amid heightened geopolitical developments. Iran-backed Houthi forces in Yemen announced a naval blockade against Saudi Arabia, raising concerns about disruptions to oil supplies from one of the world’s leading exporters. A senior Iranian official said Tehran had received a 10-day ceasefire proposal from mediators aimed at building on a June 17 interim agreement. However, hostilities continued as the US launched new strikes on Iranian cities, prompting retaliatory attacks by Iran’s Revolutionary Guard on American military sites in the Middle East.

Analysts noted that while the ceasefire discussions have temporarily eased price pressures, uncertainty remains over whether the negotiations will yield lasting results.