Oil Prices Plummet as US-Iran Conflict Eases

Oil prices plummeted on July 27 as the U.S. and Iran suspended their military conflict, sparking relief in global markets.

The price of Brent crude, the international standard, dropped by 6.8% to $85.49 per barrel, while U.S. benchmark crude fell by 7% to $83.06 per barrel.

According to Stephen Innes of SPI Asset Management, 'oil's sharp retreat at the Monday open did more than knock a few dollars off the barrel. It loosened the geopolitical knot that had been tightening around equities, currencies, bonds and central banks for most of July.'