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Crude oil price Today, July 28, 2026: Brent crude has recorded its sharpest decline in over three months. Its price in the international market now stands at approximately $88.36 per barrel.

Crude oil price Today, July 28, 2026: There is welcome news for the common man. On Monday, crude oil prices saw a massive drop of 8.7%—the steepest decline in the last three months. Following this drop, the price of Brent crude in the international market fell from a recent high of $102 per barrel to $88.36 per barrel.

This significant price drop follows the easing of geopolitical tensions in West Asia, driven by US President Donald Trump's decision to halt an attack on Iran and give diplomacy another chance. Like Brent crude, US oil (WTI Crude) also slipped by 7.5% to settle at $82.61 per barrel.

Why did crude oil prices fall?

There has been a complete halt in military strikes between the US and Iran over the past two days. Hopes of averting a war through diplomatic talks between the two nations have risen significantly, bringing major relief to the market. Negotiations between the US and Iran are currently underway with Oman acting as a mediator. This has also raised hopes that supplies via the Strait of Hormuz—the world's most critical oil supply route—will normalize. Additionally, crude oil exports have resumed from a terminal on Russia's Black Sea coast; this route had recently been disrupted by a Ukrainian drone attack.

China steps in

China's efforts are also considered a key factor behind the sharp drop in oil prices. Reports suggest that China is currently urging Pakistan to help facilitate the resumption of peace talks between the US and Iran. According to a Reuters report, China supports Pakistan's efforts to revive US-Iran talks. A Pakistani government official told Reuters, "China is unhappy because its interests are being harmed by Iran's attacks on other Gulf nations and the closure of the Strait of Hormuz."

Impact on India

This significant drop in crude oil prices has reduced the import bill for Indian oil marketing companies (IOCL, BPCL, HPCL). Consequently, efforts to lower petrol and diesel prices in the country have also gained momentum.