27.07.202613:23:12UTC+00Oil Tumbles as US and Iran Halt Strikes

Crude oil prices fell sharply to as low as $82.11 per barrel on Monday before paring some losses to trade near $84.30, as signs of easing geopolitical tensions reduced fears of supply disruptions. The US paused its strikes against Iran, while Tehran said it had halted retaliatory military actions and entered talks with Oman concerning security in the Strait of Hormuz.

Supply conditions also improved after crude loadings resumed at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast, a major export hub for Kazakh oil that had recently been disrupted by Ukrainian drone attacks.

Despite Monday’s pullback, oil prices remain more than 20% higher for the month, supported by widening supply risks from the Strait of Hormuz to the Red Sea, an increasingly important alternative route for Saudi crude exports. Yemen’s Iran-aligned Houthi militants said they had targeted Saudi Aramco-linked facilities in Jizan and Yanbu, although neither Saudi Arabia nor Aramco has confirmed any such attacks.