Oil prices fall after US & Iran pause attacks

Global crude oil prices declined sharply today (July 27) following the cessation of hostilities between the United States and Iran after 02 weeks of conflict.

Oil prices fell by around 5%, reversing recent gains driven by fears of supply disruptions in the Middle East.

Accordingly, Brent crude fell by USD 4.89 (5.05%) to USD 91.89 per barrel, after briefly dropping to the key support level of USD 90 at the start of trading.

Meanwhile, West Texas Intermediate (WTI) crude declined by USD 4.67 (5.23%) to USD 84.64 per barrel.

Earlier, Brent crude had surged to around USD 100 per barrel amid reduced oil shipments through the Strait of Hormuz and concerns that the conflict could spread to the Red Sea.

Exports from Saudi Arabia, the world’s largest oil exporter, to Asia via the Bab al-Mandeb Strait were also disrupted during the escalation.

However, US Ambassador to the United Nations Mike Waltz told ‘Fox News Sunday’ and other US media outlets that President Donald Trump had decided to suspend US military strikes to allow more time for diplomatic efforts.

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