Brent Slides Below $90 as U.S.-Iran Pause Holds; Chevron, BP Retreat

Oil prices fell sharply Monday after Iran reportedly said it would suspend attacks as long as the U.S. pause in hostilities remains in place. Brent crude for September delivery dropped 7.3% to around $89.73 a barrel, while U.S. West Texas Intermediate fell 6.5% to $83.47 — a swift retreat from the $100-plus levels reached last week as tanker attacks widened.

Energy producers bore the brunt of the move. Chevron slipped about 2.5% in premarket trading, while BP fell 3.4% in European trading; ExxonMobil, ConocoPhillips, TotalEnergies and Shell also declined as easing geopolitical risk trimmed the sector's profit outlook.

The pause remains fragile — earlier ceasefire attempts this month broke down within days — and Chevron's second-quarter report later this week will give investors a fresh read on how the majors are navigating the volatility.