Oil Prices Plunge Amid US-Iran Ceasefire

Oil prices plummeted on July 28 as the US and Iran maintained a pause in military attacks. President Donald Trump said talks with Iran were going well, but Iranian officials denied direct negotiations with Washington.

Brent crude fell by over $1 to about $86.89 per barrel, while US West Texas Intermediate crude dropped to around $81.16 - both benchmarks hit their lowest levels since July 20. Prices had already dipped by 8 percent in the previous session following a US suspension of airstrikes.

The pause came after a 13-day bombing campaign against Iranian targets. Both governments warned that military operations could resume if diplomatic efforts fail.