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Oil prices drop more than 5% on renewed hopes for US-Iran deal

Oil prices drop more than 5% on renewed hopes for US-Iran deal

A photo taken from the Yemeni coast southwest of the city of Taiz, shows a vessel anchored at Bab al-Mandab Strait, in the Red Sea, on July 24, 2026. (Photo: AFP)

This live blog follows the latest developments across the Middle East crisis, including regional diplomacy, maritime security, ceasefire negotiations, and economic fallout.



Catch up on Sunday's top developments here:



  • Oil prices drop more than 5% on renewed hopes for US-Iran deal
  • Iran threatens response to Ukraine attack on its ship in Caspian Sea
  • Trump giving Iran talks 'some space': UN envoy
  • Lebanon army condemns Israeli attacks preventing deployment in south
  • Iran army says halted retaliatory attacks as US holds fire


UK PM backs Saudi security following Houthi Red Sea attacks

Published: July 27, 2026 | 00:49 GMT | by AFP



UK's newly-elected Prime Minister Andy Burnham on Sunday condemned recent Houthi attacks and their threat to freedom of navigation in the Red Sea during a telephone call with Saudi Crown Prince Mohammed bin Salman, Al Jazeera reported, quoting the Saudi Press Agency.


Both sides also discussed recent regional and international developments, with Burnham affirming the UK’s support for Saudi Arabia’s security and sovereignty.





Oil prices drop more than 5% on renewed hopes for US-Iran deal

Published: July 27, 2026 | 00:19 GMT | by AFP


Oil prices dropped sharply at Monday's opening of Asian markets as investors breathed cautious sighs of relief following two consecutive nights without US strikes on Iran, leaving the door open for new talks.



The price of a barrel of international benchmark North Sea Brent crude fell 5.58% to $91.38, while its US counterpart West Texas Intermediate slid $5.46% to $84.43.




For earlier developments, read our July 26 live blog here.