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macroJul 28, 2026, 3:08 PM

Oil Prices Drop on US-Iran Deal Hopes and Fragile Supply Flows

Brent crude sold off sharply as tensions between the US and Iran eased, with President Trump signaling optimism for a deal. ING analysts also highlight ongoing risks to key maritime passageways.

Brent crude prices fell sharply after the United States and Iran paused military strikes. President Trump indicated a "good chance" of a deal, reducing immediate supply disruption fears.

Analysts at ING, Warren Patterson and Ewa Manthey, stressed that critical shipping corridors remain vulnerable. Flows through the Strait of Hormuz, Bab el-Mandeb, and Black Sea export routes continue to face fragility, keeping the market on edge despite the diplomatic signals.

Source: FXStreet Forex News