Oil prices fell on Monday as markets embraced hopes for the de-escalation of the Iran war, despite uncertainty over the prospects for a Federal Reserve interest rate hike.

President Donald Trump on Sunday signaled he was holding off on ordering fresh strikes against Iran and said he did so because U.S. allies in the Middle East have reached the outline of an agreement to end the war, adding it would “include the Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”

Trump indicated the negotiations would begin on Monday afternoon, which caused oil prices to slide on the potential deal to restore the flow of oil shipments through the Strait of Hormuz that have been constrained amid the threat of Iranian attacks and mines amid the conflict.

Prices for West Texas Intermediate crude, a key U.S. benchmark, were down about 6.2% during Monday morning, trading around $79.45 a barrel after a decline of about $5. Brent crude oil prices were down over 3.5% at around $79.30 a barrel.

FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUY

Oil prices fell on Monday on the prospect of a deal to end the Iran war. (Todd Korol/Reuters)

A spokesman for Iran’s foreign ministry said in a report by Reuters that no negotiations with the U.S. were occurring or scheduled, adding that the only ongoing discussions were with Oman over the management of the Strait of Hormuz.

Oil prices spiked above $110 a barrel earlier this year as the conflict disrupted oil shipments from the Middle East, as tanker traffic plummeted due to the threat of missile and drone strikes by Iran as well as mines laid in the key shipping lanes of the Strait.

AAA NATIONAL GAS PRICE TOPS $4 AMID RENEWED US STRIKES ON IRAN

The Strait of Hormuz is a key chokepoint for maritime oil flows through the Middle East. (Amanda Macias/Fox News Digital)

Before the outbreak of the conflict, oil prices were in the $60 to $70 a barrel range, and the rise caused gas prices in the U.S. to surge. The national average price for a gallon of regular gasoline was $4.095 as of Monday, up 7% from a month ago and 30% from a year ago, which has pressured household budgets.

Trump wrote in a post on his Truth social media platform that Chevron CEO Mike Wirth gave “all of the reasons that his company is doing so well,” in an interview with FOX Business’ Maria Bartiromo, but added that his administration has helped facilitate that success and urged him to lower prices for consumers.

WHITE HOUSE, GAS STATIONS POINT FINGERS OVER STUBBORN PRICES WHILE LOCATIONS THAT SLASHED PRICES SEE BOOM

Oil shipments through the Strait of Hormuz have been severely constrained due to the risk of Iranian attacks. (Giuseppe Cacace/AFP via Getty Images)

“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!” Trump wrote.

The White House has previously criticized gas stations for not lowering prices, accusing them of padding profit margins.

Groups representing smaller gas stations and energy marketers have pushed back on the argument, saying that retail prices are linked to oil prices and that they typically decline over several weeks after oil prices decline due to the need to turn over higher-cost inventory.

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Consolidated net profit rose to Rs 228.41 crore from a year earlier, while revenue increased nearly 10% to Rs 2,374 crore.

Demand remained healthy in both decorative and industrial paints despite geopolitical tensions and was supported by the delayed onset of the monsoon, managing director Pravin Chaudhari said.

“Looking ahead, we anticipate that demand in both market segments will continue to remain strong despite an erratic monsoon and prevailing geopolitical situation,” he said. “Additionally, Diwali being later this year, should add a fillip to the festive demand,” he said.

Chaudhari said the geopolitical situation in West Asia disrupted supply chains and sharply increased raw material prices from March. While conditions improved midway through the June quarter, the company would continue to monitor the situation closely.

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The company raised prices during the quarter to partly offset higher raw material costs. Total expenses rose more than 10% to Rs 2,116 crore, while consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 7.7% to Rs 335.89 crore.
On a standalone basis, revenue rose 10% to Rs 2,299 crore, while Ebitda increased 8% to Rs 336 crore.The company announced its results after market hours on Monday. Its shares closed 3.6% higher at Rs 203.95 on the BSE.

Capacity expansion approved

The board has approved capacity expansion for industrial paints, powder coatings and industrial resins across three manufacturing facilities.

Industrial paint capacity will be expanded at the Sayakha, Bawal and Hosur plants at an investment of Rs 412 crore.

“In view of the estimated growth in automotive paint industry, capacity additions are being carried out,” the company said in an exchange filing.

The company will invest another Rs 189 crore to expand powder coating and industrial resin capacity at the Sayakha plant.

The projects will be funded through internal accruals and are expected to be completed in phases by the end of fiscal 2029.

Thornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity, and alternatives investing, the firm oversees mutual funds, institutional accounts, separate accounts for high-net-worth investors, and UCITS funds for non-U.S. investors. Thornburg was founded in 1982 and is headquartered in Santa Fe, NM. Note: This account is not managed or monitored by Thornburg Investment Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Thornburg Investment Management’s official channels.

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The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.

Californians will decide whether to adopt the proposal during the 2026 midterm election.

The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.

BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGES

A supporter with the Billionaire Tax Now coalition holds a placard during a media briefing in Los Angeles on April 27, 2026. (Frederic J. BROWN / AFP via Getty Images / Getty Images)

The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold, scoring about 61.7% support, the outlet noted.

As the close votes demonstrated, Democrats are divided on the issue.

SOME RICH CALIFORNIANS ARE GIVING AWAY CASH TO SKIRT THE STATE’S PROPOSED BILLIONAIRE TAX

A voting booth as a voter casts their ballot at a polling location inside Echo Park Branch Library during a primary election in Los Angeles on Tuesday, June 2, 2026. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)

U.S. Rep. Ro Khanna, D-Calif., supports the proposal.

But Gov. Gavin Newsom, who is term-limited from running for re-election, has said he will vote against it. 

CONSERVATIVES FLIP SCRIPT ON NEWSOM AFTER HE DEMANDED 25TH AMENDMENT FOR TRUMP: ‘PROPPED UP A VEGETABLE’

California Gov. Gavin Newsom speaks during a press conference for a bill signing for a housing affordability reforms event in Oakland, California, on July 13, 2026. (Tayfun Coskun/Anadolu via Getty Images / Getty Images)

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“But I’m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,” he wrote in a June Substack post. “So here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”