Oil Falls as US Pauses Iran Strikes, Opens Diplomatic Channel Through Oman

Oil prices fell July 27, 2026 after the US paused strikes on Iran and opened talks via Oman to reopen the Strait of Hormuz, which carries roughly one-fifth of global oil consumption. Trump set conditions: no nuclear weapons for Iran and full strait reopening. Iran halted retaliatory strikes following the pause. The April ceasefire collapsed after three months.