Business · 21 July 2026

Brent crude drops 0.9% to $88.44 on ceasefire proposal.

Brent crude dropped 0.9% to $88.44 a barrel after reports that mediators proposed a 10-day ceasefire between the US and Iran. A senior Iranian official told Reuters Tehran had received the proposal, even as both sides carried out fresh strikes and US Central Command announced more attacks. Yemen’s Houthis also threatened a naval blockade of Saudi Arabia, raising fresh concerns over oil supplies.

By BriefTea Editorial · 21 July 2026 at 7:00

Reported by Reuters · How we write briefs

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