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Oil falls 9.5% in steepest drop in months as Iran, US pause attacks
Oil falls 9.5% in steepest drop in months as Iran, US pause attacks
Iran says it is still in control of the Strait of Hormuz and not seeking to resume peace talks with the United States after President Donald Trump halted a two-week bombing campaign.
Jack Dutton
Jul 27, 2026
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In this picture obtained from Iran's ISNA news agency on June 18, 2026, vessels are seen anchored in Bandar Abbas along the Strait of Hormuz. — AMIRHOSSEIN KHORGOOEI / ISNA / AFP via Getty Images
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Oil prices fell by as much as 9.5% on Monday, the steepest drop in two months, after the US stopped bombing Iran over the weekend and Tehran vowed to pause attacks.
What happened: At 9:07 a.m. EDT, Brent crude stood at $90.82, down 7.68% from the previous day. Earlier on Monday, it fell more than 9.5%, as low as $87.62, before rising again. Brent had hit $100 on Thursday for the first time since May. Over the last month, Brent has risen by more than........
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