On July 15, 2008, a bubble-bursting sell-off began after remarks by President Bush the previous day that the ban on oil drilling would be lifted. This precipitated an $8 drop, the biggest since the first US-Iraq war. By the end of the week, crude oil fell 11% to $128, also affected by easing of tensions between the US and Iran. By August 13, prices had fallen to $113 a barrel. By the middle of September, oil price fell below $100 for the first time in over six months, falling below $92 in the aftermath of the Lehman Brothers bankruptcy.