Oil Posts Largest Single-Day Drop Since COVID-19 as US-Iran Strikes Pause

Oil fell more than 6% on July 27, 2026 — the largest single-session drop since the COVID-19 pandemic — after the US paused nightly strikes on Iran for a second consecutive night. WTI crude dropped to an estimated $51.42 per barrel; Brent to $55.08. Deutsche Bank's Jim Reid called the pause "fragile," warning prices could surge again if it collapses.