Oil prices slip amid diplomatic moves and ongoing supply threats

Business Jul 21, 2026

Oil prices slipped a bit on Tuesday, even with military strikes and supply threats still in play.

This small drop followed some diplomatic moves to ease the standoff between the US and Iran.

Brent crude dipped to $88.87 a barrel, while US crude held steady at $82.47, both lower than their recent highs.

Yemen's Houthi rebels threaten Saudi shipping

Yemen's Houthi rebels, backed by Iran, have threatened to block Saudi Arabia's shipping routes, which could mess with global oil supplies.

Meanwhile, Iran says it got a cease-fire proposal from mediators hoping to end the conflict that flared up after February's U.S.-Israeli attacks.

Analysts say these peace talks are keeping oil prices from spiking for now, but things could still heat up if diplomacy fails.