Oil prices continue their downward trajectory on Tuesday, July 28, 2026, as expectations grow for a de-escalation of tensions between the US and Iran — a conflict that had sent significant shockwaves through international energy markets in the days prior.
Read: Oil: Brent crude crashes below $89 after US-Iran ceasefire
Brent crude futures are down nearly 1%, trading just above $87 per barrel as of 07:30 (Greek time), marking their lowest level since July 20. Similarly, US crude West Texas Intermediate (WTI) is hovering near $81 per barrel, also posting losses of under 1% and touching its lowest point in the same period.
It is worth noting that both benchmarks recorded a drop of approximately 8% in yesterday’s session, following the surprise decision by the United States to suspend its aerial bombing campaign against Iran over the past weekend.
US President Donald Trump stated on Monday that talks with Iran are progressing positively and left open the possibility of reaching a deal. At the same time, he warned that military operations could resume if negotiations fail to yield results, while Tehran has signaled that it would respond in the event of any new strike.
