US-Iran Tensions Ease: Oil Prices Plummet Amid Pause in Aerial Strikes

Oil prices plummeted on July 27 as tensions between Washington and Tehran eased, at least temporarily.

The US had been striking Iran for 13 days before pausing its attacks late Friday, according to reports. This pause has raised questions about President Donald Trump's next move in the conflict.

Tehran said it had suspended its responses after the US held off on further strikes. However, the Houthis in Yemen claimed to have struck facilities linked to Saudi Aramco in the Red Sea port towns of Jizan and Yanbu on Saturday.

The Brent crude price fell by about 6% to around $91 a barrel, while West Texas Intermediate dropped below $84. European natural gas prices sank as much as 7.8% amid concerns over supply risks.