Oil prices fall 1% as investors weigh pause in US strikes on Iran

July 28, 2026

Oil prices dropped as market participants assessed a pause in US strikes on Iran. Hopes for a diplomatic solution eased concerns about Middle East energy flows. President Trump indicated positive talks with Iran, but warned of resuming strikes if negotiations fail. Analysts noted reduced traffic through key shipping straits and demand destruction in Asia. US crude oil and gasoline stockpiles likely fell last week.

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