Trump Talks Spark Oil Price Decline Amid Ongoing Middle East Tensions

Oil prices continued to slide on July 28 as President Donald Trump announced that the US and Iran were engaging in talks to end their conflict. West Texas Intermediate (WTI) dropped below $82 a barrel, while Brent fell by its most in over three months to settle near $88.

The decline comes after a steep drop of more than 7% on Monday, with Trump saying he decided to pause strikes against Iran to give negotiations another chance. However, it remains unclear if any substantial discussions between the two sides are taking place.

Crude has been whipsawed this month as tensions between Washington and Tehran escalated and then eased, leading traders to remain cautious due to the lack of normalized tanker traffic through the Strait of Hormuz.