Oil prices dip as investors react to Trump’s pause on Iran assault and OPEC+ output increase

Oil prices declined Sunday evening as traders responded to President Donald Trump's announcement that the United States had paused its assault on Iran. The move came after Trump posted on Truth Social that negotiations were under way to reopen the Strait of Hormuz, a key shipping lane that has been effectively blocked by Iran for months.

In related market activity, S&P futures edged up about half a percent. Earlier Sunday, the OPEC+ group approved a modest increase in output of roughly 188,000 barrels per day, saying the step was intended to support oil market stability.

"The perimeters of a deal are being worked out to open the Strait of Hormuz," Trump wrote on his social platform.