US-Iran Ceasefire Eases Oil Price Pressures

Oil prices have eased after the United States and Iran temporarily halted military strikes in the Persian Gulf.

The price for a barrel of Brent crude oil to be delivered in September fell 4.9% to $92.02 shortly after trading resumed, following a 3.9% drop on July 24.

Brent crude briefly hit $102 a barrel last week, which is $30 more than its price early in the month and the highest it has been since May.

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