Brent crude dips below $90 on Middle East de-escalation news

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Global oil prices fell during trading on July 27 as markets reacted to news that the U.S. and Iran had halted reciprocal strikes.

According to data from the Investing.com platform, the price of Brent crude dropped by 5.24% on the day, settling at $86.8 per barrel.

Meanwhile, September futures for the U.S. WTI (West Texas Intermediate) grade lost 0.5%, falling to $84.7 per barrel.

• Last week (July 23), the price of Brent exceeded $100 per barrel amid heightened supply risks due to the situation surrounding key producers and export routes.