Brent and WTI fall after US pauses strikes on Iran

Business Jul 28, 2026

Oil prices slid on Tuesday after the US paused its strikes on Iran, sparking hopes for a peaceful resolution.

Brent crude dropped to $87.82 per barrel and US West Texas Intermediate fell to $81.95.

President Trump said there were "good talks" with Iran but warned that military action could return if things go south.

Strait of Hormuz flows nearly halved

Tensions have shaken up major oil shipping routes like the Strait of Hormuz, where flows nearly halved last week, according to Barclays.

Analysts also pointed out traffic issues in spots like the Red Sea, with weak demand in Asia keeping prices from rising more.

Meanwhile, a Reuters poll suggests US oil and gasoline inventories likely fell last week.