International oil prices post largest 3-day drop since 2020 amid Mideast de-escalation

International oil prices recorded their steepest three-day decline in over six years, closing on July 29, 2026, with significant drops attributed to easing tensions in the Middle East. Traders are closely monitoring signs of de-escalation, particularly the continued restraint shown by both the United States and Iran in avoiding further military actions.

The benchmark West Texas Intermediate (WTI) crude for September delivery saw a substantial decrease, falling $3.35, or 4.06%, to settle at $79.26 per barrel. This marks a significant shift in market sentiment, which had previously been driven by fears of a wider conflict in the region.

Similarly, the international benchmark, London's North Sea Brent crude for September delivery, experienced a sharp decline of $4.27, or 4.83%, closing at $84.09 per barrel. The combined losses over the three-day period reflect a market recalibrating its risk premium as the immediate threat of major supply disruptions appears to have receded.