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Oil prices fell sharply after the US and Iran paused military action, with Brent dropping more than 7% at one point to briefly below $90 per barrel. Houthi attacks on Saudi energy facilities at Jazan and Yanbu continued, and the Russian Sheskharis terminal at Novorossiysk has reportedly been halted since 21 July.
Oil moves are driven by the Strait of Hormuz disruption and the regional conflict. Until shipping through Hormuz resumes safely, supply risk keeps crude volatile, which feeds through to biofuel-linked crops.
think.ing.comWarren Patterson, Ewa MantheyJul 27, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
