Oil prices declined on Tuesday following updates that mediators are making efforts to resolve the conflict between the US and Iran, even as both sides continue to exchange strikes, Report informs.
September futures for Brent crude on the London-based ICE Futures exchange stood at $88.65 per barrel as of 9:20 (GMT+4), down $0.57 (0.64%) from the previous close, Interfax noted. On Monday, Brent rose $1.12 (1.27%) to reach $89.22 per barrel.
Meanwhile, September WTI crude futures on the New York Mercantile Exchange (NYMEX) fell by $0.21 (0.25%) to $82.27 per barrel. In the preceding session, WTI gained $0.70 (0.9%) to close at $82.48 per barrel.
Foreign media noted that mediators, including Qatar, Egypt, and Pakistan, submitted a proposal for a 10-day truce to Washington and Tehran. According to US officials, the administration of President Donald Trump is reviewing the proposal and has urged Israel to refrain from actions that could close the window for diplomacy.