Oil prices sink as US-Iran pause fuels fresh Hormuz hopes

North America Business Tue, 28 Jul 2026 11:21:04 GMT High confidence — 75/100

After 13 days of attacks on sites in the Islamic republic, the United States held fire over the weekend and Donald Trump's UN envoy said the US president was "giving talks some space".
Tehran in turn said it would stop its retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite.
The two resumed hostilities this month, breaking a fragile truce, after Iran attacked ships passing through Omani waters in the Strait of Hormuz, sparking a pattern of escalation.

Tehran in turn said it would stop its retaliatory attacks on regional neighbours, handing Gulf shipping and the oil industry a respite.
The two resumed hostilities this month, breaking a fragile truce, after Iran attacked ships passing through Omani waters in the Strait of Hormuz, sparking a pattern of escalation.

After 13 days of attacks on sites in the Islamic republic, the United States held fire over the weekend and Donald Trump's UN envoy said the US president was "giving talks some space".

Sources: France 24