🛢️ Global Oil Prices Dip Amid US-Iran Ceasefire Mediation

• Market Figures: • Brent crude futures fell 78 cents (-0.9%) to US$ 88.44/bbl. • US WTI crude dropped 73 cents (-0.9%) to US$ 82.50/bbl (Sept contract down 0.5% to US$ 82.07/bbl). • Diplomatic Push vs. Military Tension: • De-escalation hopes: Prices softened as mediators proposed a 10-day ceasefire to restore the June 17 MoU. • Ongoing conflict: The U.S. and Iran exchanged fresh strikes, while Yemen's Houthis threatened a naval blockade on Saudi Arabia, raising supply disruption risks. • Supply & Logistics Risks: • Strait of Hormuz: Vessel crossings dropped further following fresh attacks and a projectile hit on a commercial tanker. • US Inventory Outlook: Preliminary estimates indicate a drop in US crude and gasoline stockpiles, with distillate stocks expected to rise.