Brent slid below $90/bbl in early trade as mediators push the U.S. and Iran
toward a potential new ceasefire. ING said the talks will not be easy and
significant gaps remain between Washington and Tehran. Houthis announced a
blockade of Saudi shipping — an action that could severely disrupt supplies by
preventing oil bound for Asia from transiting the Bab al-Mandeb — but early
price action suggests markets may doubt the blockade will succeed.