Singapore, 29 July 2026 – Oil prices fell about 5% to a two-week low as several days without fresh United States-Iran strikes encouraged cautious hopes for diplomacy, even though the Strait of Hormuz remained effectively constrained. Brent crude dropped US$4.27, or 4.8%, to US$84.09 a barrel, while West Texas Intermediate declined US$3.35, or 4.1%, to US$79.26.

The retreat followed a three-day decline of roughly 16% in Brent, showing how quickly traders reduced part of the geopolitical premium once attacks paused. Yet the physical market remains exposed. Hormuz carried about one-fifth of global oil supplies before the conflict, and shipping activity through the strait has stayed low despite suggestions that talks may resume.