Frozen copy retrieved 2026-07-27T15:30:00Z for audit 2026-07-27T16-07-20Z. Original URL: https://www.nbcnews.com/world/iran/oil-prices-slide-us-iran-pause-strikes-trump-diplomacy-hormuz-red-sea-rcna589383. The Stochastic Parrot does not host or redistribute; this snapshot exists solely so that quoted spans remain verifiable if the original page changes. Character offsets below index into this plain text; highlighted spans are the quotes cited in the audit.

Oil prices slide as U.S. and Iran pause strikes to give 'space' for diplomacy

NBC News · back to the audit

Oil prices tumbled Monday as the United States and Iran paused their escalating strikes to make 'space' for diplomacy.

Brent crude oil sank to below $90 a barrel Monday morning, while U.S. crude dropped to around $83 a barrel -- both down around 7%.

Still, Tehran offered limited hope for any ramped up peace efforts. 'Mediators may convey messages from the American side to us concerning regional developments, but at the present time we have no negotiations with the American side,' Foreign Ministry spokesman Esmaeil Baghaei said Monday at a news conference.

He said Tehran would 'never allow America to determine the timing of war and peace' and would 'continue to defend ourselves for as long as our interests and considerations require.'

Jordan said it downed two drones early Monday. Saudi Arabia said it intercepted and destroyed drones fired by Iran-backed militants in Iraq.