Global Oil Prices Plummet After US Halts Airstrikes on Iran; Brent Falls Below $90 for First Time in a Week

Global oil prices plummeted as the United States halted its airstrikes against Iran over the weekend.

On the 27th local time, the closing price for September delivery Brent crude on the ICE Futures Exchange settled at $88.36 per barrel, down 8.7% from the previous session.

At the New York Mercantile Exchange, the closing price for September delivery West Texas Intermediate (WTI) futures dropped 7.5% from the previous session to $82.61 per barrel.

This marks the first time in a week since the 20th that the closing price of Brent crude futures has fallen below $90 per barrel.

Previously, Brent futures prices surpassed the $100 per barrel mark last week as tensions escalated from the closure of the Strait of Hormuz to the Red Sea, which had been used as an alternative route.

Over the weekend, the United States temporarily suspended its two-week-long airstrikes on Iran, and Iran refrained from retaliatory attacks, bringing the armed conflict to a temporary lull.

U.S. President Donald Trump ordered the halt of airstrikes against Iran on the 24th.

Some U.S. media outlets have suggested that the U.S. was essentially forced to suspend the airstrikes due to a sharp depletion in the inventory of U.S. military interceptor missiles.

However, energy industry experts point out that actual crude oil shipments remain restricted, warning that oil prices are highly likely to fluctuate significantly depending on how the armed conflict between the U.S. and Iran unfolds. Alex Hodes, an energy market strategist at brokerage firm StoneX, diagnosed, "Even after the brief truce in mid-20th, maritime shipping volumes remain severely constrained," adding, "Cargo shipments from Saudi Arabia through the Red Sea have no choice but to use longer and more costly alternative routes bypassing the Suez Canal."
※ Please note: This article was translated by AI and may contain errors.