Mia Gindis, Alex Longley and Paul BurkhardtJul 29, 2026 – 2.30amOil slumped in a volatile session as traders grappled with growing signs of deescalation of the Middle East conflict, with both sides continuing to hold off on attacks.Global benchmark, Brent, fell 5.1 per cent to $US83.88 a barrel at midday in New York after tumbling by 8.7 per cent on Monday, the most in more than three months, while West Texas Intermediate was 4.9 per cent lower to $US78.54.BloombergSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles