Oil falls further after Trump says 'deep talks' under way with Iran

Oil prices declined again on Tuesday, 28 July 2026, according to MarketWatch. Front-month contracts for both Brent crude and West Texas Intermediate extended their losses after US President Donald Trump said "deep talks" were under way with Iran.

The decline comes as the pause in fighting between the United States and Iran continues to hold. Crude has given back a substantial part of the war-risk premium built up in recent weeks, and each sign of diplomatic progress erodes the geopolitical risk premium further.

For Iran's economy, the direction of global crude prices feeds through both to export revenue and to expectations in the domestic currency and gold markets.