Oil extends its decline on Tuesday, with Brent at $87.24

Oil prices fell for a second consecutive day in trading on Tuesday 28 July 2026 (6 Mordad 1405). Brent crude futures for September delivery dropped more than 1 percent to $87.24 a barrel, while West Texas Intermediate for the same delivery month traded 1.22 percent lower at $81.6.

The main driver was the continuing pause in fighting between the United States and Iran, and market hopes of a de-escalation in regional tensions that had disrupted energy supply in recent weeks. Brent had moved from $90.43 early on Monday 27 July to $87.76 by the close of that session.

The oil price matters for Iran's economy both through the government's foreign currency revenue and through the profitability of the refining and petrochemical groups listed on the Tehran Stock Exchange.