Oil Drops 5% as US-Iran Fighting Pauses, but Stays Above Forecast

The price of oil fell about 5%, losing $6.20 to reach $90.58 a barrel on July 27 after the US and Iran paused military strikes (Reuters). That still tops Fitch's June estimate of $87 for 2026 (ANI News). The gap suggests buyers doubt the truce holds or still fear shipping trouble near Iran. A real ceasefire would likely send oil below $87.