Oil prices tumble over 10% on hopes for US-Iran diplomacy
Yenişafak English AA23:08, 27/07/2026, MondayU:Update:23:08, 27/07/2026, Monday
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Oil prices plunged more than 10% as hopes for US-Iran diplomacy reduced geopolitical risk premiums. Trump said Washington is holding “good talks” with Tehran, but warned strikes could resume if negotiations fail.
Oil prices tumbled more than 10% on Monday as hopes for successful diplomacy between the US and Iran reduced the geopolitical risk premium in crude markets. Brent crude traded at around $88 per barrel, down 10.4%, while West Texas Intermediate fell 8% to $82.35.
Hopes for Diplomacy
Prices retreated after President Donald Trump paused military strikes on Iran on Friday following nearly two weeks of hostilities. Trump said Washington was holding “good talks” with Tehran and that an agreement was possible, but warned that strikes could resume if negotiations failed. Iran also suspended retaliatory operations and entered talks with Oman over navigation through the strait.
Supply Conditions
Supply conditions improved after crude loadings resumed at the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast. However, markets remained cautious after the Houthis claimed attacks on Saudi Aramco-linked facilities, though neither Saudi officials nor Aramco confirmed the claims.
Titles :oilpricesIranUSdiplomacy
