West Asia War LIVE: Trump allows space for negotiations while Iran stops strikes
arly on Monday, July 27, 2026, oil prices dropped on Asian markets as investors cautiously exhaled relief at the end of hostilities.
As Donald Trump's UN envoy stated that the president was "giving talks some space," Iran and the US paused their fire on Sunday, June 25, 2026, giving Gulf shipping and the oil industry a break from missile strikes.
Iran claimed to have stopped retaliation attacks against Washington's Middle Eastern allies, while US ambassador to the UN Mike Waltz told Fox News on Sunday that Trump would give talks "a little bit of room" even though forces were still "locked and loaded."
The U.S. military had been attacking Iran for 13 nights in a row before Friday, July 24, 2026, marking the biggest resumption of the nearly five-month-old conflict since a ceasefire in April. The nights of Friday and Saturday went by without a bombing.
Iran's army spokesperson, Mohammad Akraminia, stated, "These attacks continued until two nights ago, but over the past two nights the Americans have stopped their attacks."
Shipping data from Kpler revealed on Monday that while transit via the Strait of Hormuz remained low over the weekend, hip traffic through Bab el-Mandeb decreased on Sunday following attacks by Yemeni Houthis on Saudi oil installations along the Red Sea coast.
According to the statistics, 11 commodity vessels crossed the Bab el-Mandeb strait on Sunday, the fewest in months.
The Houthis, who are affiliated with Tehran, have been interfering with Red Sea traffic off the coast of Yemen since last week. Their goal is to blockade Saudi exports, escalating the U.S.-Iran war that has already limited the supply of oil via the Strait of Hormuz.
After two weeks of attacks, the United States and Iran halted their strikes over the weekend, which raised hopes of a diplomatic solution that would de-escalate the situation and permit shipping to restart in the Strait of Hormuz. As a result, oil prices fell 5% on Monday.
After momentarily falling below the crucial support level of $90 earlier in the session, Brent crude futures dropped $4.89, or 5.05%, to $91.89 by 0009 GMT.
U.S. West Texas Intermediate Crude dropped $4.67, or 5.23%, to $84.64 per barrel.
After climbing for the previous three weeks, both contracts are currently at their lowest points in almost a week.
The U.S. military had been attacking Iran for 13 nights in a row before Friday, July 24, 2026, marking the biggest resumption of the nearly five-month-old conflict since a ceasefire in April. The nights of Friday and Saturday went by without a bombing.
Iran's army spokesperson, Mohammad Akraminia, stated, "These attacks continued until two nights ago, but over the past two nights the Americans have stopped their attacks."
Shipping data from Kpler revealed on Monday that while transit via the Strait of Hormuz remained low over the weekend, hip traffic through Bab el-Mandeb decreased on Sunday following attacks by Yemeni Houthis on Saudi oil installations along the Red Sea coast.
According to the statistics, 11 commodity vessels crossed the Bab el-Mandeb strait on Sunday, the fewest in months.
The Houthis, who are affiliated with Tehran, have been interfering with Red Sea traffic off the coast of Yemen since last week. Their goal is to blockade Saudi exports, escalating the U.S.-Iran war that has already limited the supply of oil via the Strait of Hormuz.
After two weeks of attacks, the United States and Iran halted their strikes over the weekend, which raised hopes of a diplomatic solution that would de-escalate the situation and permit shipping to restart in the Strait of Hormuz. As a result, oil prices fell 5% on Monday.
After momentarily falling below the crucial support level of $90 earlier in the session, Brent crude futures dropped $4.89, or 5.05%, to $91.89 by 0009 GMT.
U.S. West Texas Intermediate Crude dropped $4.67, or 5.23%, to $84.64 per barrel.
After climbing for the previous three weeks, both contracts are currently at their lowest points in almost a week.
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