The New York Times reports that oil prices fell sharply on Sunday as investors reacted to developments in the U.S.-Iran conflict. Brent crude dropped over 8% to around $82.95 per barrel, while West Texas Intermediate crude fell more than 5.5% to approximately $80 per barrel. President Trump indicated that negotiations are underway to possibly open the Strait of Hormuz, a crucial shipping lane for oil. The oil cartel OPEC Plus also approved a slight production increase of 188,000 barrels per day. Additionally, gasoline prices slightly decreased to a national average of about $4.09 per gallon, though they have increased over 37% since the onset of the conflict.

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Oil prices fell sharply on Sunday evening as investors watched the latest back-and-forth in the U.S. war with Iran. S&P futures reacted slightly, inching up half a percentage point.

The markets’ moves were the first since President Trump said late Saturday that he had halted a U.S. assault as Iran and allies in the Middle East asked him to pause any new strikes in the war that started five months ago.

Here is the latest:

Oil prices drop.

The price of Brent crude, the global benchmark for oil, fell more than 8 percent as trading began on Sunday, to about $82.95 a barrel.
West Texas Intermediate crude, the U.S. benchmark, opened more than 5.5 percent lower, about $80 a barrel.
Mr. Trump, in a post on Truth Social on Sunday, said that the “perimeters of a deal” were being worked out to open the Strait of Hormuz, the narrow waterway between Iran and Oman that is a vital trading route for oil and natural gas that normally carries as much as one-fifth of the world’s oil supply. For months, the vital waterway has been effectively closed by Iran.
Earlier on Sunday, the oil cartel known as OPEC Plus approved a modest increase in oil production of around 188,000 barrels a day, in an effort, it said, “to support oil market stability.”

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

Stocks tick up slightly.

Futures on the S&P 500 pointed to a small increase when stocks resume trading in the United States on Monday.

Gasoline prices dip.

Gas prices fell slightly on Sunday, to a national average of a little over $4.09 a gallon, according to the AAA motor club. The increase has raised the cost for drivers by more than 37 percent since the war began.
Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.
The average price of diesel was basically flat, at $5.36 a gallon on Sunday, up more than 42 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.

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Oil Prices Plummet as Investors Digest Pause in Fighting in Iran War

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Here is the latest:

Oil prices drop.

Stocks tick up slightly.

Gasoline prices dip.

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