Commodities
US Strike Halt Sends Crude Prices Tumbling Below $90
Chicago soybean oil futures plummeted on July 27, 2026, as the US halted its strikes against Iran. The sudden pause in hostilities eased concerns of further escalation, causing crude prices to tumble and dragging grain and oilseed markets lower with it.
Crude prices dropped more than 7% in the first few minutes of trading, briefly dipping below $90 a barrel. This sharp decline was a direct result of the US's decision to pause its nearly two-week campaign of daily strikes against Iran over the weekend without explanation.