Brent Crude Drops 5% Below $90 as US-Iran Hostilities Pause

Brent crude fell about 5% below $90 per barrel on July 27, 2026, after the US and Iran agreed to suspend attacks. The US had paused its Operation Epic Fury bombing campaign on July 25 following roughly two weeks of strikes; Iran then halted retaliation. The decline reflects a rapid unwind of the geopolitical risk premium — the extra amount markets had added to oil prices during the conflict.