WTI Crude Falls $3.35 Per Barrel to $79.26 on July 28 Amid U.S.-Iran Talks

On July 28 (U.S. Eastern Time), WTI crude for September delivery fell $3.35 per barrel to $79.26, while Brent crude for September fell $4.27 per barrel to $84.09, according to trading on the New York Mercantile Exchange. The decline accelerated amid reports that the United States and Iran are approaching a breakthrough to revive a ceasefire memorandum of understanding (MOU), with Iran and Oman already expressing approval pending final authorization from President Trump.

The Strait of Hormuz has remained calm, with no new attacks on vessels reported in the past 48 hours, according to the Joint Maritime Information Center (JMIC) led by U.S. Central Command. Large-scale mutual strikes have ceased, which has bolstered confidence in transit and operations in the critical waterway.