Global oil prices reverse to below $87 a barrel after report of new Iran cease-fire proposal

Global oil prices reversed to below $87 a barrel after a report of a new 10-day U.S.-Iran cease-fire proposal, countering earlier gains. Brent crude for September delivery fell 1.6% to $86.67 a barrel after climbing as much as 3.8% to an intraday high of $91.42, according to FactSet. The decline followed Reuters reporting, citing an Iranian source, that the proposal would allow 10 days without strikes to revive an interim deal reached last month. West Texas Intermediate for August delivery also dropped, recently down 2.2% to just below $80. The move came amid renewed Middle East strikes, including U.S. announcements of a ninth consecutive night of attacks, and reports Iran had withdrawn from a cease-fire agreement.