Oil Prices Slide as U.S.-Iran Tensions Ease Amid Possible Resolution

Oil prices continued to decline on July 28 as tensions between the U.S. and Iran eased, with markets reacting positively to signs of a possible resolution.

Brent crude oil futures fell by $1.47, or 1.66%, to $86.89 per barrel, while West Texas Intermediate (WTI) crude oil futures fell by $1.45, or 1.76%, to $81.16 per barrel.

The prices hit their lowest levels since July 20, with both benchmark crude grades losing about 8% of their value in the previous trading session after the U.S. suspended its airstrike campaign against Iran over the weekend.

U.S. President Donald Trump said that the United States is negotiating with Iran and that there is a chance to resolve the situation, but emphasized that the U.S. would resume strikes if the negotiations fail.