US and Iran suspend mutual attacks. International oil prices fall sharply

Due to the suspension of mutual attacks between the United States and Iran, international crude oil futures dropped by more than 6% at one point on Sunday (July 26) after the start of the new trading week.

According to Xinhua News Agency, as of 6:43 p.m. Eastern Time on Sunday (July 26), the price of the September delivery of light crude oil on the New York Mercantile Exchange dropped to a minimum of $83.10 per barrel, a decrease of $6.21, or 6.95%. The price of the September delivery of Brent crude oil on the London Mercantile Exchange dropped to a minimum of $89.58 per barrel, a decrease of $7.20, or 7.44%.

Meanwhile, the easing of market concerns led to a significant rise in the futures prices of the New York stock market index, and the prices of international gold and silver futures also increased significantly.

According to the US news website Axios, US President Trump ordered the US military not to launch a strike against Iran on Friday (the 24th), thus breaking the situation where the US military had been conducting air strikes against Iran for 13 consecutive days.

Reuters reported on Sunday that an Iranian source said that as long as the US stops its military strikes, Iran will also cease its military actions. However, the Iranian side still holds a "suspicious attitude" towards the intentions of the US.

Since July 7th, the United States has continuously launched military strikes against Iran in response to its attack on commercial ships passing through the Strait of Hormuz. As a result, international crude oil futures have risen significantly recently.