Oil Prices Slide on Proposed Ceasefire Between US and Iran

Oil prices eased on Tuesday as mediators proposed a US-Iran ceasefire.

The Brent crude futures price fell by 96 cents, or 1.1%, to $88.26 per barrel, while U.S. West Texas Intermediate crude was down 73 cents, or 0.9%, to $82.50 per barrel.

Reports indicate that mediators are proposing a 10-day ceasefire in efforts to salvage the June interim deal between Washington and Tehran.

However, ING analysts warn that major differences remain between the two parties, and US President Trump has warned of retaliation after several US soldiers were killed.