Brent Drops 5% to $92 as Iran Signals Attack Halt if U.S. Pause Holds
Updated
Updated · CNBC · Jul 26
Brent Drops 5% to $92 as Iran Signals Attack Halt if U.S. Pause Holds
3 articles · Updated · CNBC · Jul 26
Summary
Brent crude for September fell 4.88% to about $92 a barrel, while WTI for September dropped more than 5% to $84.84 as traders priced in lower near-term supply risk.
Iran told Reuters it would stop attacks as long as Washington also refrains from striking, framing its position as "attack for attack" after nearly two weeks of escalation.
Washington's pause followed advice to President Donald Trump that viable military targets were dwindling and U.S. weapons stockpiles could be strained; ambassador Mike Waltz said the halt leaves room for diplomacy.
HSBC said the earlier oil rally had revived expectations for a longer Fed hold, though inflation expectations have stayed relatively contained as officials reinforced their commitment to price stability.