Brent drops more than 7% as US pauses Iran strikes
Why it matters: The pullback eased fears of a wider oil shock, though Brent is still up more than 25% in July.
Oil prices fell sharply at the start of trading Monday after the United States paused strikes on Iran, cooling immediate concerns about supply disruptions across the Middle East. Brent crude slid more than 7% in early trading, briefly dropping below $90 a barrel before recovering to above $92, while West Texas Intermediate and European natural gas also moved lower. The pause followed 13 days of US strikes, with no new attacks since late Friday, and Iran’s army said Tehran had suspended its responses. Risks to supply have not disappeared: Houthi forces in Yemen claimed attacks Saturday on sites linked to saudi-aramco in Jizan and Yanbu, two key Saudi energy hubs, though Saudi authorities and the company did not confirm the strikes.
Sources
- The Straits TimesTier 180% reliableRead →47 hours ago
Earlier in this story
- 4 hours agoIran and Oman map safe shipping route in the Strait of Hormuz
- 33 hours agoTrump: Iran more serious in talks, but peace remains distant
- 35 hours agoTrump halts fresh strikes on Iran amid U.S. missile stock worries
- 46 hours agoBrent drops more than 7% as US pauses Iran strikesreading now
- Jul 27Pentagon weighs ground operation to seize Iran uranium
- Jul 27Tanker explodes in the Strait of Hormuz after suspected mine hit
- Jul 26Trump Threatens Iran Infrastructure Strikes as Hormuz Spreads
- Jul 26China backs Iran as tensions rise in Gulf and Hormuz
- Jul 26Iran drone targeting US Gulf base carries Lamine Yamal photo
- Jul 26Trump weighs wider Iran strikes as Hormuz fighting hits shipping
- Jul 25Trump warns Russia, China against selling arms to Iran