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FinanceOil Extends Decline on Hopes of Strait of Hormuz Reopening; Chip Selloff Deepens
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Oil prices extended their decline on July 28, 2026, as a pause in fighting between the U.S. and Iran held and diplomatic efforts to reopen the Strait of Hormuz progressed. U.S. President Trump confirmed talks with Tehran, while Iranian and Omani diplomats worked on an agreement. Brent crude fell further below $87 a barrel in response. Meanwhile, U.S. tech futures dropped as a chip selloff deepened, with Nasdaq futures falling 0.9% in premarket trade. The dollar weakened and U.S. Treasurys strengthened amid the market movements.
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U.S. chip stocks fell further in premarket trade as Nasdaq futures dropped 0.9%. Angela Weiss/Agence France-Presse/Getty Images
Oil prices extended losses as a pause in fighting between the U.S. and Iran held, while U.S. tech futures fell as a chip selloff continued.
U.S. President Trump said that talks between the U.S. and Tehran are taking place, as Iranian and Omani diplomats worked on an agreement to reopen the Strait of Hormuz. Brent crude fell further below $87 a barrel in response, while U.S. Treasurys strengthened and the dollar fell.
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