World oil prices collapsed

Tengrinews.kz — Global oil prices have dropped significantly following signs of easing tensions between the United States and Iran. Brent crude fell below $90 per barrel.
As of 14:25 Astana time, September Brent crude futures on the London ICE exchange were down 8.01 percent, trading at $89.02 per barrel.

U.S. West Texas Intermediate (WTI) crude futures dropped 7.07 percent to $82.99 per barrel.

The current decline follows a prolonged rally in oil prices. Over the past three weeks, Brent had been rising amid concerns over the escalation of conflict and risks to shipping in the Red Sea and Bab el-Mandeb Strait. Against this backdrop, oil prices had previously climbed to $100 per barrel.
Why oil prices are falling
The market reacted to reports of a potential de-escalation of the conflict between the U.S. and Iran. Sources told American media that President Donald Trump decided to suspend strikes to allow more time for diplomatic efforts.
Analysts believe that the absence of further military action by Washington and Tehran was the primary factor behind the price decline. According to their assessment, the market is reacting sharply to any positive signals that could reduce the risk of oil supply disruptions.
Why this matters for Kazakhstan
Oil and gas industry expert Askar Ismailov previously noted that oil prices directly affect budget revenues, the status of the National Fund, and the tenge exchange rate. Oil market instability heightens risks for the economy. Sharp price fluctuations impact inflation, investment activity, and financial markets. Dependence on oil revenues leaves the country vulnerable to external shocks.
Meanwhile, the 2026–2028 budget is based on key parameters: an oil price of $60 per barrel and an exchange rate of 540 tenge per dollar. These benchmarks are used to calculate export revenues, social payments, and government spending.