Oil Tumbles as US and Iran Halt Strikes

2026-07-27 13:23 By Agna Gabriel 1 min. read

Crude oil fell sharply to as low as $82.11 per barrel on Monday before trimming some losses to trade around $83.40, as signs of easing geopolitical tensions reduced concerns over supply disruptions.

The US paused its attacks against Iran, while Tehran said it had halted its retaliatory military strikes in response and engaged in talks with Oman regarding the Strait of Hormuz.

Supply conditions also improved after crude loadings resumed at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast, a key export hub for Kazakh oil that had recently been disrupted by Ukrainian drone attacks.

Despite Monday's decline, oil remains up more than 20% this month as supply disruptions expanded from the Strait of Hormuz to the Red Sea, an increasingly important alternative route for Saudi Arabian crude exports.

Yemen's Iran-backed Houthi militants claimed to have targeted Saudi Aramco-linked facilities in Jizan and Yanbu, although neither Saudi Arabia nor Aramco confirmed the attacks.



News Stream
Oil Tumbles as US and Iran Halt Strikes
Crude oil fell sharply to as low as $82.11 per barrel on Monday before trimming some losses to trade around $83.40, as signs of easing geopolitical tensions reduced concerns over supply disruptions. The US paused its attacks against Iran, while Tehran said it had halted its retaliatory military strikes in response and engaged in talks with Oman regarding the Strait of Hormuz. Supply conditions also improved after crude loadings resumed at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast, a key export hub for Kazakh oil that had recently been disrupted by Ukrainian drone attacks. Despite Monday's decline, oil remains up more than 20% this month as supply disruptions expanded from the Strait of Hormuz to the Red Sea, an increasingly important alternative route for Saudi Arabian crude exports. Yemen's Iran-backed Houthi militants claimed to have targeted Saudi Aramco-linked facilities in Jizan and Yanbu, although neither Saudi Arabia nor Aramco confirmed the attacks.
2026-07-27
Oil Tumbles as US Halts Iran Strikes
Crude oil declined toward $83 per barrel on Monday, giving back gains from last week after the US and Iran halted strikes against each other over the weekend amid efforts to revive diplomacy, with President Donald Trump reportedly open to renewed peace talks. The US paused its attacks against Iran starting late Friday without any official announcement, while Tehran said it had halted its retaliatory military strikes in response and engaged in talks with Oman regarding the Strait of Hormuz. Still, Iran-backed Houthi forces in Yemen claimed responsibility for attacks on facilities associated with Saudi Aramco at the Red Sea ports of Jizan and Yanbu over the weekend. Oil prices have surged nearly 40% this month as supply disruptions expanded from the Strait of Hormuz to the Red Sea, an increasingly important alternative route for Saudi Arabian crude exports that transports millions of barrels each day.
2026-07-26
Crude Slides on US-Iran Peace Talk Hopes
Crude oil fell 3% to around $89.3 per barrel on Friday after reports that Pakistan, with support from China, was seeking to revive negotiations between the US and Iran, raising hopes for a diplomatic path to ease tensions. According to reports, Chinese officials are increasingly concerned that attacks on Gulf states and disruptions in the Strait of Hormuz are hurting their economic interests. Despite the decline, crude oil remained up roughly 8% for the week after a sharp escalation in Middle East hostilities. Overnight, US Central Command carried out its 13th consecutive night of strikes on Iran, targeting military infrastructure and maritime capabilities. The US military said the waterway remains open with American support. Meanwhile, President Donald Trump warned he was considering an unprecedented military response against Iran and vowed severe retaliation if Tehran backed further Houthi attacks on vessels in the Red Sea.
2026-07-24