Oil prices slip as peace hopes ease supply fears, Middle East tensions limit losses

In a market shaken by geopolitical tensions, oil prices saw a downturn as traders considered possible U.S.-Iran diplomatic actions against the backdrop of supply disruption risks. Brent crude prices slipped by 0.74%, while WTI dropped by 0.89%. The recent assaults by Yemen's Houthis have further complicated the already uncertain market landscape. Mixed signals from U.S. inventory reports only added to the volatility affecting crude oil valuations.