Oil Prices Rebound as US and Iran Halt Military Strikes in Persian Gulf

Oil prices eased after the US and Iran temporarily halted military strikes in the Persian Gulf. The Associated Press reported that oil prices surged in July as fighting intensified in the Middle East, with concerns about a return to all-out war potentially slowing global crude oil flows.

The price for Brent crude oil to be delivered in September fell 4.9% to $92.02 shortly after trading resumed. This decline followed a 3.9% drop on July 24, when the price briefly hit $102 a barrel, its highest level since May and $30 more than early July's prices.

The US average price for regular gasoline on July 26 was $4.11 per gallon, up from $3.90 a month ago and $3.15 in 2025, according to AAA.