Global oil prices dipped below $87 a barrel after a new 10-day ceasefire proposal between the U.S. and Iran, leading to a significant price drop despite ongoing strikes in the Middle East. Earlier in the day, prices had increased to one-month highs due to heightened tensions and disruptions in crude supply forced by this conflict.

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Futures Movers

Global oil prices dip below $87 a barrel after new Iran ceasefire proposal. Blockade on Saudi by Yemen’s Houthis keeps losses in check.

Brent crude makes a sharp U-turn — falling below $87 a barrel, after rising above $91 earlier

Mike Murphy

and

Isabel Wang

Updated July 20, 2026, 11:57 a.m. ET

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(4 min)

Crude oil tankers, bulk carriers, and vessels anchored at Qaboos Port in Muscat, Oman. Photo: Getty Images

Oil prices took a dive into the red on Monday, reversing an earlier sharp rally, after a report of a 10-day ceasefire proposal between the U.S. and Iran sparked a sharp decline in energy prices despite a fresh barrage of strikes in the Middle East over the weekend.

Prices had rallied to fresh one-month highs in early-morning action, as fighting between the U.S. and Iran further disrupted the recovery in crude supplies that many had anticipated when the two sides agreed to a memorandum of understanding last month.

About the Author

Mike Murphy

Mike Murphy is a West Coast news editor for MarketWatch and writes the What’s Worth Streaming column.

Isabel Wang

Isabel Wang is a Markets Reporter for MarketWatch.

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