Crude oil prices fall 5% after US-Iran pause strikes; Brent crude at $91 per barrel
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US-Iran war: Oil prices plunged nearly 5% on Monday after the United States and Iran suspended military strikes over the weekend, following two weeks of hostilities. The pause raised hopes for a diplomatic resolution that could ease regional tensions and restore the smooth flow of oil shipments through the Strait of Hormuz. Brent crude futures dropped $4.89, or 5.05%, to $91.89 a barrel, briefly falling below the crucial $90 support level earlier in the session. Meanwhile, US West Texas Intermediate (WTI) crude declined $4.67, or 5.23%, to $84.64 per barrel. Oil prices remained under pressure, with both Brent and WTI crude trading at their lowest levels in nearly a week after posting gains over the previous three weeks. The decline comes as the US has refrained from launching fresh strikes on Iran since late Friday following 13 days of military action, raising uncertainty over President Donald Trump's next course of action. Meanwhile, Iran's military said it had paused its retaliatory operations. Despite the lull, tensions remain elevated after Yemen's Iran-backed Houthi rebels claimed to have targeted Saudi Aramco-linked facilities in the Red Sea port cities of Jizan and Yanbu on Saturday. However, neither Saudi authorities nor Aramco confirmed the reported attacks. Brent crude has still climbed more than 25% this month as the US-Iran conflict expanded beyond the Strait of Hormuz into the Red Sea. Houthi threats to blockade Saudi ports have intensified concerns over global oil supplies, while the prolonged conflict has fueled fears of higher inflation as inventories tighten and fuel prices rise. Over the weekend, Saudi Arabia briefly issued emergency alerts for two provinces before withdrawing them. Yanbu, the western endpoint of the kingdom's East-West pipeline, has emerged as a critical crude export hub following disruptions in the Strait of Hormuz, while Jizan hosts an Aramco refinery and export terminal. Even so, major differences remain between Washington and Tehran over Iran's nuclear program and the future of the Strait of Hormuz, limiting hopes for a near-term resolution. Supply concerns have also intensified elsewhere, with Russia's largest Black Sea oil export terminal at Novorossiysk suspending loadings for several days amid increased Ukrainian drone attacks, according to a Bloomberg report. The recent surge in energy prices and its implications for economic growth, inflation, and consumer spending are expected to be closely watched by global policymakers this week. Investors will particularly monitor the US Federal Reserve's policy meeting on July 28-29 for clues on the interest rate outlook. (With inputs from agencies) Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions. Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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