Global oil prices fell by more than 5% after the US and Iran slowed their attacks over the past weekend following 13 consecutive nights of intense retaliatory strikes.
Foreign news agencies reported that on Sunday, 26 Jul 2026 GMT+7, Brent crude oil, the international benchmark, dropped about 5.7%, closing near $91.30 per barrel. Meanwhile, US crude oil (WTI) declined roughly 5.4%, ending at $84.43 per barrel.
The renewed conflict between the US and Iran earlier this month pushed oil prices back above $100 per barrel last week, reversing previous declines that had brought prices below pre-Middle East war levels at the end of February.
However, over the past weekend, the US signaled a slowdown in attacks on Iran. The US ambassador to the United Nations stated this was because President Donald Trump wanted to allow more space for ongoing diplomatic talks with Iran.
Nevertheless, several US media outlets reported that in recent days officials warned President Trump that the bombing campaign over the past two weeks had nearly destroyed all preselected targets.
At the same time, General Dan Kain, Chairman of the Joint Chiefs of Staff, personally cautioned President Trump that resuming major military operations against Iran carried risks, including negative impacts on ammunition stockpiles and the US air defense missile systems in the Middle East.
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Source:cna