Trump Delays Iran Operation, Sending Oil Prices Below $90 -- Barrons.com

By Patrick O'Donnell

The price of crude was dropping sharply alongside oil-related stocks after President Donald Trump paused a major escalation in the military campaign against Iran.

The U.S. had been ready Friday to launch an intensive series of strikes against Iran, which could have lasted up to two weeks, The Wall Street Journal reported officials as saying.

The operation was delayed partly so the U.S.'s can assess its shrinking stocks of Patriot and other air defense interceptors, the Journal said. The president could still order an attack, the government officials added, noting that the situation remains fluid.

The move raised hopes for diplomatic talks in the Middle East region that will lead to a reopening of the Strait of Hormuz, the vital waterway through which more than a quarter of the world's oil is shipped.

The price of Brent crude, the international benchmark, was falling 6.4% to $85.7 a barrel in early trading Monday. West Texas Intermediate, the U.S. standard, was down 6% at $83.26 a barrel.

Shares of oil majors Exxon Mobil and Chevron were falling 2.9% and 2.7%, respectively, in premarket trading Monday. ConocoPhillips stock was down 3% and Occidental Petroleum stock was dropping 3.5%.

It was the same picture in Europe with BP dropping 3.5% and Shell slipping 1.8% in London and France's TotalEnergies falling 2.7%, shortly after markets opened.

Write to Patrick O'Donnell at patrick.odonnell@barrons.com

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July 27, 2026 08:26 ET (12:26 GMT)