Brent Crude and WTI Fall to $87.86 and $82.24 on July 28 as U.S. Pauses Iran Air Campaign

Brent crude and West Texas Intermediate fell to $87.86 and $82.24 per barrel on July 28 as a pause in U.S. air campaign against Iran eased supply shock fears. Both benchmarks declined roughly 8% on Monday after Washington suspended its attacks and reported progress in diplomatic talks with Tehran.

Oil shipments through the Strait of Hormuz fell sharply to 2.9 million barrels per day in the week ended July 24, down from 5.9 million barrels per day a week earlier. U.S. commercial crude inventories stood at 411.7 million barrels in the week ended July 17, remaining 6% below their five-year seasonal average, leaving the market with limited supply cushion despite the near-term price decline.