Crude Oil Prices Plummet as US-Iran Tensions Ease

Crude oil prices plummeted by 7.6% on July 28 as tensions between the US and Iran eased, reducing fears of supply disruptions.

The pause in military strikes over the weekend boosted expectations that diplomatic efforts could prevent further escalation and support a more secure supply outlook.

Despite continued attacks by Iran-backed Houthi forces on Saudi energy infrastructure, traders remained focused on improving prospects for stable crude exports.

Crude oil prices had gained nearly 40% during the recent conflict that disrupted supply flows through key channels.

The US Energy Information Administration reported a rise in US crude inventories, while crude reserves in the US Strategic Petroleum Reserve declined to 311.6 million barrels, the lowest level since March 1983.