Oil slumps at week’s open as Washington and Tehran pause attacks
European natural gas sank as much as 7.8 per cent.After striking the Islamic Republic for 13 days, the US has held off since late on July 24, raising questions over US President Donald Trump’s next move. The conflict – now nearing the end of its fifth month – has stoked concerns of a global inflationary shock as stockpiles sink and product prices jump.At the weekend, Saudi authorities issued emergency warnings for two provinces, before lifting them shortly afterward. Yanbu, the western terminus of Saudi Arabia’s East-West pipeline, has become the kingdom’s key crude export outlet, handling millions of barrels a day since the Strait of Hormuz became effectively shut.
- ▪European natural gas sank as much as 7.8 per cent.After striking the Islamic Republic for 13 days, the US has held off since late on July 24, raising questions over US President Donald Trump’s next move.
- ▪The conflict – now nearing the end of its fifth month – has stoked concerns of a global inflationary shock as stockpiles sink and product prices jump.At the weekend, Saudi authorities issued emergency warnings for two provinces, before lift
- ▪Yanbu, the western terminus of Saudi Arabia’s East-West pipeline, has become the kingdom’s key crude export outlet, handling millions of barrels a day since the Strait of Hormuz became effectively shut.
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Oil slumps at week’s open as Washington and Tehran pause attacksSign up now: Get ST's newsletters delivered to your inboxThe US has held off strikes on Iran since late on July 24, after bombing the Islamic Republic for 13 days consecutively. PHOTO: REUTERSPublished Jul 27, 2026, 07:14 AMUpdated Jul 27, 2026, 07:14 AMSet as preferred sourceSummariseOil prices fell sharply as the US paused attacks on Iran, creating uncertainty about future US actions.Tehran-backed Houthis claimed attacks on Saudi Aramco facilities in Jizan and Yanbu, though these were unconfirmed.The US-Iran conflict has pushed Brent oil prices up 30 per cent in July, raising fears of global inflation and supply disruptions.AI generatedOil dropped as traders assessed Middle East supply risks, with the US pausing strikes…
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