Oil Prices Fall 5% After Trump Extends Pause on New Iran Strikes

U.S. crude fell 5% to $80.79 a barrel Sunday night after President Donald Trump said American forces would hold off on new strikes against Iran while negotiations continued. Brent crude, the international benchmark, also fell 5% to $83.87. Oil prices have swung sharply since the United States and Israel launched attacks on Iran in late February, and both benchmarks remain elevated because fighting has disrupted Persian Gulf shipping. U.S. crude was still about 20% above its prewar level after the drop, while traders weighed whether a potential agreement could reopen the Strait of Hormuz.