Oil prices fall after United States and Iran halt military operations

Oil prices fell sharply in late July 2026 after the United States and Iran agreed to pause their military conflict in the Persian Gulf. Brent crude dropped to around $88–$92 per barrel, down from over $100 the week before. U.S. crude also fell, reaching roughly $83–$84 per barrel. The two countries had been fighting since February 2026. Their conflict had closed the Strait of Hormuz, a waterway that carries about 20% of the world's oil and gas. Iran said it will stop attacks as long as the U.S. continues its pause. Reports suggest U.S. military advisers warned that weapons supplies were running low. The pause gave financial markets some relief after weeks of high energy costs.