Commodities
Oil Prices Plunge Over 5% as US Pauses Strikes on Iran
Oil prices took a significant hit on July 27, falling by over 5% due to the US pausing strikes on Iran.
Brent crude futures dropped $4.89 (5.05%) to $91.89 per barrel, while US West Texas Intermediate crude stood at $84.64 a barrel, down $4.67 (5.23%).
This decline comes after oil prices surged 10% last week.
The pause in strikes has raised hopes that diplomacy could ease the conflict and allow shipping through the Strait of Hormuz to return to normal.