Commodities
Oil Prices Plummet as US and Iran Pause Airstrikes Over Strait of Hormuz
The global oil market experienced a significant correction on July 27, 2026, as Brent crude plummeted by 8% to below $90 a barrel following a pause in US airstrikes against Iran.
The sudden halt in hostilities eased fears of a prolonged closure of the Strait of Hormuz, the world's most vital energy artery.
Brent crude tumbled from its recent peak above $100 a barrel, retreating to trade at $89.85 (KES 11,680) in early London trading.
Despite the pause in active fighting, the physical flow of oil remains severely compromised, with shipping data showing fewer than 30 commodity vessels transiting the strait on recent days.