# Oil Prices Tumble Nearly 5% as US and Iran Pause Military Strikes

*2026-07-27 02:02 UTC · Business · 1 min read*

> Oil prices fell nearly 5% after the US and Iran held off military strikes for a second day, though gas prices and Fed rate-hike bets still reflect the conflict's lingering impact.

Oil prices dropped sharply on Sunday after the United States and Iran refrained from military strikes in the Persian Gulf for a second straight day, easing weeks of fears over disrupted crude supplies through the Strait of Hormuz.

Brent crude for September delivery fell 4.9% to $92.02 a barrel, while the more actively traded October contract dropped 4.6% to $87.48. US benchmark crude slid 5.6% to $84.34. The declines mark a sharp reversal from last week, when Brent briefly spiked to $102 a barrel — its highest level since May and roughly $30 above prices seen earlier in the month.

The relief hasn't reached drivers yet: average US gasoline prices stood at $4.11 a gallon on Sunday, up from $3.90 a month ago and $3.15 a year earlier. Traders are also watching the Federal Reserve, pricing in a 36% chance of a rate hike at its next meeting, as the conflict's inflationary ripple effects linger even as the immediate military threat cools.

## Sources

- [bnnbloomberg.ca](https://www.bnnbloomberg.ca/markets/oil/2026/07/26/oil-prices-ease-after-us-and-iran-pause-their-attacks/)
- [abcnews.com](https://abcnews.com/Business/wireStory/oil-prices-ease-after-us-iran-pause-attacks-135106928)

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TechTools News · https://techtools.cz/tools/news/article/2079-oil-prices-tumble-nearly-5-as-us-and-iran-pause-military-strikes
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