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macroJul 28, 2026, 6:29 AM

Brent Oil Tumbles 8.7% as US-Iran Tensions Ease

Brent crude fell 8.7% to $88.36, reversing last week's gains, amid hopes of de-escalation between the US and Iran, according to Commerzbank.

BRENT

Brent crude oil prices suffered a steep decline, dropping 8.7% to settle at $88.36 per barrel. The sell-off wiped out a large chunk of the previous week’s surge.

Market participants reacted to signs of easing tensions between the United States and Iran, pricing out the geopolitical risk premium that had boosted crude. Commerzbank strategist Charlie Lay highlighted de-escalation hopes as the primary driver behind the reversal.

Source: FXStreet Forex News