The price of futures contracts of Brent crude oil for September 2026 delivery has dropped by more than 7% on London’s ICE, diving below $85 per barrel for the first time since July 17, 2026, according to trade data.
As of 12:34 p.m. Moscow time (9:34 a.m. GMT), the Brent price was down by 9.18% at $84.97 a barrel.
Meanwhile the price of futures contracts of WTI crude oil for August 2026 delivery was down by 7.56% at $82.56 per barrel.
The fall came after the U.S. attacks on Iran had been halted for a second night in a row.
The outbreak of the Iran war triggered a sharp rise in oil prices as the conflict led to the effective closure of the Strait of Hormuz, a key shipping route which usually carries about 20% of the world's oil and LNG.
When Iran and the U.S. signed a memorandum of understanding in June to halt military operations and reopen the strait, the price of oil fell back to pre-war levels of around $70 a barrel.
