Executive Summary
- •Brent crude dropped more than 8 percent to about $82.95 a barrel at the open.
- •West Texas Intermediate crude fell more than 5.5 percent to about $80 a barrel.
- •OPEC Plus approved a production increase of around 188,000 barrels a day.
Community Sentiment
Key Developments & Data
Global oil prices plunge as the US and Iran pause active hostilities.
Brent crude dropped more than 8 percent to about $82.95 a barrel at the Sunday open.
West Texas Intermediate crude fell more than 5.5 percent to about $80 a barrel.
OPEC Plus simultaneously approved a production increase of around 188,000 barrels a day.
The national average for gas fell slightly to a little over $4.09 a gallon, but it's still up more than 37 percent since the conflict began.
The immediate threat of a major supply disruption through the Strait of Hormuz hasn't completely disappeared, but the risk premium is rapidly unwinding.
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