Crude Oil Prices Plummet as US-Iran Tensions Ease

Global crude oil prices plummeted around six per cent on July 27, 2026, after the United States and Iran paused their military strikes. The international benchmark Brent crude was trading at $90.87 per barrel, down by 6.1 per cent in intra-day trade.

The West Texas Intermediate crude price also dropped by 5.8 per cent to $84.14 per barrel. This sharp decline came after Iran indicated that it would refrain from further attacks as long as the US halted military operations.

Fuelling expectations of a diplomatic resolution, the pause in military strikes has led to a significant drop in crude oil prices worldwide.