Oil prices experienced a decline on Monday, with Brent crude dropping to $90.72 per barrel and West Texas Intermediate falling to $84, following a pause in the conflict between the U.S. and Iran. The situation has caused renewed investor optimism due to the potential for increased energy supply. Meanwhile, global stock markets saw modest gains, particularly in Asia, and gasoline prices remained steady at an average of $4.11 per gallon. Diesel prices rose sharply to $5.30, reflecting the ongoing impacts of the conflict on energy costs.

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Oil prices fell and stock futures rose modestly on Monday after a pause in the fighting between the United States and Iran gave investors hope that more energy might soon start flowing from the region.

Prices surged throughout most of July as the cease-fire between the countries fell apart. Then, last week, oil briefly topped $100 a barrel after the Houthis, an Iran-backed group, broadened the conflict by threatening a blockade against Saudi Arabia in the Red Sea.

But President Trump’s decision to hold off, at least temporarily, on a major escalation of the war, as The New York Times reported on Saturday, brought renewed optimism about a resolution.

Here is the latest:

Oil prices fall.

The price of Brent crude, the global benchmark for oil, fell roughly 6 percent, to $90.72 a barrel. That is for oil to be delivered in September. The price of a more actively traded contract, for October delivery, slipped the same amount, to about $86.61 a barrel.
West Texas Intermediate crude, the U.S. benchmark, dropped 6 percent to roughly $84 a barrel.
Investors and analysts are focused on the continued disruption to shipping in the Strait of Hormuz, the narrow waterway between Iran and Oman, as well as threats to another strait, the Bab al-Mandab, at the mouth of the Red Sea.

Jan.MarchMayJuly$0$20$40$60$80$100 per barrel

Global stocks rise modestly.

Futures on the S&P 500 pointed to a small increasewhen stocks resume trading in the United States on Monday.
Stocks in Asia, where countries import vast quantities of oil and gas, were largely trading up on Monday. The Chinese stock indexes all showed small gains late in the day. Japan’s Nikkei 225 index closed up nearly 1 percent.

Gasoline prices hover above $4 a gallon.

The national average for a gallon of gas stayed at $4.11 on Sunday, the same as on Saturday, according to the AAA motor club. The price, which had been coming down, began topping $4 again last week after fighting restarted between Iran and the United States.
Gas prices don’t move in lock step with crude, usually trailing increases or declines by a few days.
The average price of diesel rose to $5.30 a gallon, up roughly 41 percent since the start of the war.

\ \ How High Are Gas Prices Where You Live? \ \ Here is a county-level look at where drivers are facing the highest costs.

Rebecca F. Elliott covers energy for The Times.

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Oil Prices Fall After U.S. and Iran Pause Fighting for a Second Day

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Here is the latest:

Oil prices fall.

Global stocks rise modestly.

Gasoline prices hover above $4 a gallon.

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