Oil Prices Fall as US Pauses Iran Strikes and Seeks Diplomatic Route

Oil prices dropped July 27, 2026. The US paused military strikes on Iran and started talks through Oman to reopen the Strait of Hormuz, a narrow waterway carrying about a fifth of the world's oil. Trump demanded Iran give up nuclear weapons and fully reopen the strait. Iran stopped its retaliatory strikes. A prior April ceasefire had collapsed after three months.