- July 28, 2026
- Posted by: Tresmark
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Oil prices declined on Tuesday, extending losses as investors evaluated the pause in US strikes on Iran, raising hopes for a diplomatic resolution and reduced risks to Middle East energy supplies.
Brent crude futures slipped 0.6% to $87.82 per barrel, while US West Texas Intermediate (WTI) crude fell 0.8% to $81.95. Both benchmarks touched their lowest levels in more than a week during early trading.
Market sentiment improved after US President Donald Trump said talks with Iran were progressing positively, though he warned military action could resume if negotiations fail. Iran also maintained it would respond if hostilities restart.
Analysts said easing concerns over disruptions to Middle East oil flows have reduced the geopolitical risk premium in crude prices. However, shipping activity through the Red Sea and the Strait of Hormuz remains subdued, with exports still below recent levels.
Meanwhile, a Reuters survey indicated US crude and gasoline inventories likely declined last week, while distillate stockpiles were expected to increase.
