Brent crude falls 0.6% to $88.72 after hitting a one-month high, easing supply concerns amid mediation efforts in the Middle East.
Global equities rose on Tuesday as oil prices retreated from a one-month peak, driven by hopes of a ceasefire in the Middle East. Brent crude futures dropped 0.6% to $88.72 per barrel after reaching $91.42 in the prior session, as investors weighed mediation efforts against ongoing geopolitical tensions.
Yemen’s Houthis announced plans to impose a naval blockade on Saudi Arabia, raising concerns over energy supply disruptions. However, a senior Iranian official revealed a proposal for a 10-day ceasefire, aimed at reviving stalled negotiations to end the conflict that began in late February.
European stocks edged higher, with the STOXX 600 up 0.2%, while U.S. futures signaled a strong open, led by a 1.4% rise in Nasdaq futures. Asian markets also advanced, with Japan’s Nikkei gaining 3% and South Korea’s KOSPI surging 4.5%.