Trump's Iran Halt Sends Oil Prices Plummeting by 5.8%

Global oil markets have reacted to US President Donald Trump's decision to halt new airstrikes against Iran by experiencing a sharp decline in prices.

The move, announced on July 27, has triggered hopes for diplomacy and eased tensions in the Middle East, causing Brent crude oil to fall by 5.8% to $91.20 per barrel and US crude oil (WTI) to drop by 5.5% to trade at $84.40.

The Strait of Hormuz, a critical issue for energy markets, remains under close watch as the situation continues to unfold.

Experts note that if shipments through the strait accelerate again, downward pressure on oil prices may continue, but any new military tension in the region could drive prices back up.