Oil Futures Fall Over 2% as Iran Proposes Ceasefire, Rebound on Houthi Blockade Threat, July 21

According to Macrotech Futures analysis, crude oil futures fell on July 21 after Iran proposed a 10-day ceasefire to resolve tensions with the United States. Low-sulfur fuel oil (LU) contracts declined over 2%, while fuel oil and SC crude oil contracts fell over 1%. However, prices rebounded following Yemen's Houthi armed forces announcement of a naval blockade on Saudi Arabia, highlighting ongoing geopolitical uncertainty in the region.
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