Oil Prices Plunge as US Pauses Strikes on Iran

Oil prices fell more than 6% on July 27, 2026 — the biggest one-day drop since the COVID-19 pandemic — after the US paused its nightly military strikes on Iran for a second night in a row. US oil dropped to about $51.42 a barrel. Deutsche Bank's Jim Reid called the pause "fragile," warning prices could jump again if fighting resumes.