Trump's Iran Talks Spark Oil Price Plunge

Crude oil prices plummeted on Tuesday, July 28, following US President Donald Trump's announcement that the United States and Iran are engaged in talks to end the ongoing conflict in the Middle East.

The West Texas Intermediate (WTI) crude oil price fell below $82 per barrel after declining over 7% on Monday, while Brent crude prices recorded their steepest one-day drop in more than three months, settling near $88 per barrel.

Trump's comments triggered the decline in oil prices as investors reacted to signs of possible diplomatic engagement between Washington and Tehran.

The Strait of Hormuz remains a key concern for oil markets, with traders remaining cautious despite recent developments that have eased fears of an immediate escalation.