The short-term focus again was oil prices, which swung sharply as investors weighed Yemen’s Iran-aligned Houthis declaring a naval blockade against Saudi Arabia against Reuters reporting that mediators had passed Iran a proposal to de-escalate the war with the U.S. Benchmark Brent crude was flat on the day at $88.3 a barrel, having earlier climbed above $90 for the first time in more than a month.
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