Commodities
Oil Prices Plunge on Rising Optimism Over US-Iran Talks
Oil prices plummeted on July 29, 2026, as traders grew optimistic about US-Iran talks.
The Brent global benchmark fell 5.1% to $US83.88 a barrel at midday in New York, while West Texas Intermediate dropped by 4.9% to $US78.54.
Monday's market saw an 8.7% decline for Brent, the largest drop in over three months, and Tuesday's fall was the second consecutive day of losses.
The decrease is a result of growing signs of deescalation in the Middle East conflict, as both sides hold off on attacks.