Crude oil prices reversed their climb this morning, retreating on reports that efforts are being made to negotiate another ceasefire between the United States and Iran. Reports about ceasefire efforts focus on negotiating a ten-day ceasefire but chances of that actually happening are slim as neither side appears willing to make concessions. The analysts also warned that any new Red Sea disruption would redirect ship traffic again, forcing freighters to go around Africa. “If shippers decide to avoid the Bab el-Mandeb Strait, voyage times will be longer and more expensive. Looking at oil price action this morning, the market is not convinced that this blockade will be successful,” the analysts said.