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Oil prices fall as mediation offset US-Iran strikes

Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the US and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen's Houthis.

July 21, 2026

Ishaan Arora and Emily Chow/Reuters

Oil prices fall as mediation offset US-Iran strikes

FILE PHOTO: Vessels at the Strait of Hormuz, as seen from Musandam, Oman, July 20, 2026.

Reuters

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