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    • Oil Prices Fall Over $1 as US-Iran Ceasefire Eases Supply Concerns

    By on July 29, 2026
    crude oil
    crude oil

    Oil Prices Drop to Lowest Since July 20 Following US-Iran Truce

    Singapore:  Oil prices fell by more than USD 1 per barrel today as markets reacted to the halt in hostilities between the United States and Iran, easing concerns over potential disruptions to global crude supplies.

    Brent crude futures declined by USD 1.47, or 1.66 percent, to settle at USD 86.89 per barrel, marking their lowest level since 20 July.

    West Texas Intermediate (WTI) crude fell by USD 1.45, or 1.76 percent, to USD 81.16 per barrel, also its weakest level since 20 July.

    Both benchmark contracts had already dropped by around 8 percent in the previous trading session after the United States unexpectedly suspended airstrikes against Iran earlier this week.

    Oil prices also came under pressure following reports that the Caspian Pipeline Consortium’s Black Sea terminal on Russia’s coast had resumed oil loading operations after a week-long suspension caused by Ukrainian drone attacks.

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