Oil Prices Plummet as US-Iran Tensions Ease, Gold Prices Follow

Crude oil prices dropped sharply on July 28, 2026, as diplomatic progress between the US and Iran reduced fears of supply disruptions.

This development led to a decline in energy prices, with crude oil being one of the main casualties. The shift away from military posturing by both countries has lessened the immediate risk of supply disruptions in the Middle East.

The impact was felt across various precious metals and currencies as well. Gold prices declined by 0.5% to $4,056.03 per ounce due to a stronger US dollar, which makes gold more expensive for international buyers.

Investors are currently focused on two major factors: the upcoming Federal Reserve policy meeting and ongoing corporate earnings season for major technology firms. The prospect of sustained or higher interest rates continues to support the dollar and create a cautious environment for commodities.