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. Mr. Trump, in a post on Truth Social, said that the “perimeters of a deal” are being worked out to open the Strait of Hormuz. For months, the vital waterway for global oil and gas 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.”
