Oil Prices Plummet as US and Iran Halt Military Strikes

Oil prices saw a significant drop after the United States and Iran temporarily halted military strikes in the Persian Gulf.

The Associated Press reported that oil prices skyrocketed in July as tensions escalated, with concerns over a potential return to all-out war potentially disrupting global crude oil supplies.

Brent crude oil, the international standard, briefly hit $102 per barrel last week, marking a significant increase from its early-month price of around $72.

The U.S. average price for regular gasoline on July 26 was $4.11 per gallon, up from $3.90 just a month ago and significantly higher than the $3.15 in 2025.