Energy Preview: WTI oil prices halts upside on hopes of temporary de-escalation in tensions

WTI crude oil prices are taking a breather on Tuesday morning in Asia after having surged to around one-month high levels as US attacks on Iran entered a tenth consecutive day. Tensions intensified after President Donald Trump said Iran had been warned that it would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea. Meanwhile, Iranian officials reportedly noted that mediators have presented proposals to help de-escalate tensions with the United States (US), with reports even hinting at a potential 10-day ceasefire. The counter is currently quoting at $82.23 per barrel, down 0.3% on the day. Meanwhile, Brent is down 0.66% at $88.63 per barrel.

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