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Oil Prices Plummet as Investors Digest Pause in Fighting in Iran War
The New York Times • • general
Key Points:
- Oil prices dropped sharply on Sunday evening amid ongoing tensions in the U.S.-Iran conflict, while S&P futures rose slightly by half a percentage point.
- President Trump announced late Saturday that he had halted a planned U.S. assault after Iran and its Middle Eastern allies requested a pause in new strikes in the five-month conflict.
- Trump indicated on Truth Social that negotiations are underway to reopen the Strait of Hormuz, a crucial oil and gas shipping route that Iran has effectively closed for months.
- OPEC Plus approved a modest increase in oil production by approximately 188,000 barrels per day to help stabilize the oil market.
