Oil Sees Largest Daily Drop Since COVID as US-Iran Strikes Pause

Oil fell over 6% on July 27, 2026 — the steepest single-day drop since COVID-19 — after the US paused nightly strikes on Iran for a second straight night. WTI crude slid to roughly $51.42; Brent to $55.08. Deutsche Bank's Jim Reid called the pause "fragile," warning prices could spike again if it collapses.