Oil prices drop over 5% after U.S., Iran pause fighting over weekend
Brent crude futures fell US$5.70, or around 5.9 per cent, to US$91.08 a barrel after briefly slipping under the key support level of US$90 earlier in the session. West Texas Intermediate crude was at US$84.51 a barrel, down US$4.80, or around 5.4 per cent.Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks. Brent had reached US$100 per barrel as the conflict, which reduced oil shipments via the Strait of Hormuz, spilled over to the Red Sea, hindering exports from the world’s top exporter, Saudi Arabia, via the Bab el-Mandeb strait to Asia.
- ▪Brent crude futures fell US$5.70, or around 5.9 per cent, to US$91.08 a barrel after briefly slipping under the key support level of US$90 earlier in the session.
- ▪West Texas Intermediate crude was at US$84.51 a barrel, down US$4.80, or around 5.4 per cent.Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks.
- ▪Brent had reached US$100 per barrel as the conflict, which reduced oil shipments via the Strait of Hormuz, spilled over to the Red Sea, hindering exports from the world’s top exporter, Saudi Arabia, via the Bab el-Mandeb strait to Asia.
5 outlets in our directory ran this story, first to last over 10 hours. Coverage spans 3 points on the political spectrum — 1 lean left, 2 centre, 1 right.
- ▪ Oil prices drop after US, Iran pause fighting over weekend — Channel NewsAsia
- ▪ Oil prices dip over 6% after US, Iran pause fighting over weekend — New York Post
- ▪ Oil Prices Fall After U.S. and Iran Pause Fighting for a Second Day — NYT > Top Stories
- ▪ Oil falls more than 6% as Iran and US pause strikes over Strait of Hormuz — International homepage
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| Canonical URL | https://www.theglobeandmail.com/investing/article-oil-prices-drop-over-5-after-us-iran-pause-fighting-over-weekend/ |
| Publication time | Mon, 27 Jul 2026 09:19:33 +0000 |
| Retrieval time | 2026-07-27T09:26:11.564Z |
| Last seen | 2026-07-27T09:26:21.136Z |
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Opening excerpt (first ~120 words) tap to expand
ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountOil prices tumbled more than 5 per cent on Monday after the U.S. and Iran paused strikes over the weekend following two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz. Brent crude futures fell US$5.70, or around 5.9 per cent, to US$91.08 a barrel after briefly slipping under the key support level of US$90 earlier in the session. U.S. West Texas Intermediate crude was at US$84.51 a barrel, down US$4.80, or around 5.4 per cent.Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks.
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