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Oil prices fall to lowest level since March after US announces Iran deal

A pumpjack stands idle in the Huntington Beach oil field on April 23, 2026 in Huntington Beach, California. (Mario Tama/Getty Images)

(NEW YORK) — Oil prices on Monday fell to their lowest level since March after U.S. officials announced an agreement between the United States and Iran.

West Texas Intermediate futures price, the benchmark index for U.S. trading, registered at about $80.40. That figure, which amounted to a 5% drop on Monday, marked the lowest price since March 5, just a week after the outbreak of the Iran war.

Stock prices, meanwhile, climbed on hopes of a resolution to the Iran war. The Dow Jones Industrial Average jumped 530 points, or 1%, while the S&P 500 increased 1.4%. The tech-heavy Nasdaq rose 2.3%.

Gas prices have fallen toward $4 per gallon in recent weeks, nearing the milestone as oil costs have eased in response to negotiations between the U.S. and Iran.

The national average price of a gallon of gas stands at $4.06, marking a decline of 46 cents, or 10.2%, over the past month, AAA data showed. Gas prices, however, remain $1.08 higher than where they stood before the Iran war.

The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.

President Donald Trump said in a Sunday social media post that the U.S. and Iran had reached a deal that will open up the strait.

“I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” Trump wrote.

“Ships of the World, start your engines. Let the oil flow!” he added.

Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the deal had been finalized and said it would be signed in Switzerland on Friday.

Trump said the strait would open after the formal signing of the deal on Friday. The oil flow is linked to mine removal, Trump noted.

Crude oil is the main ingredient in auto fuel, accounting for more than half of the price paid at the pump, according to the federal U.S. Energy Information Administration.

The U.S. is a net exporter of petroleum, meaning the country produces more oil than it consumes. But since oil prices are set on a global market, U.S. prices move in response to swings in worldwide supply and demand.

ABC News’ David Brennan and Isabella Murray contributed to this report.

Copyright © 2026, ABC Audio. All rights reserved.

AI isn’t the biggest cybersecurity problem. People are

By CNN
(CNN) — Cases of AI escaping the lab, infiltrating other companies and trying to deceive people have all made headlines in recent weeks. And in one case, AI models even worked together to break free from their test environments.Does this mean the machines are taking over? Not quite.AI isn’t the mastermind behind today’s most widespread cyber threats; it’s people who can use AI nefariously – and for nefarious purposes. AI has given bad actors massive power, allowing them to create malicious software, research targets, create convincing schemes and automate attacks at an unprecedented pace.One in four data breaches were driven by AI from February 2025 to March 2026, according to an IBM report. And Americans lost more than $893 million to AI-related scams last year, the FBI says.But experts say real-world threat actors – that is, people – are still the ones pulling the strings. AI agents have only perpetuated existing attack methods, like phishing and malware scams, rather than creating wholly new ones.“It’s the humans that we need to watch out for,” said Oren Etzioni, professor emeritus at the University of Washington and former CEO of the Allen Institute for Artificial Intelligence. “AI is just the tool.”AI going rogueSome recent incidents have shown what AI is capable of in the real world, not just in theory, igniting fears about whether the technology is advancing too quickly.In July, OpenAI test models escaped their constraints and hacked into other companies’ systems during an internal evaluation.Days later, Anthropic said it discovered its AI models had breached three companies during testing.In a separate test, Anthropic’s most advanced model used fake identities to try to deceive real people, researchers at Britain’s AI Security Institute said Tuesday.One of Meta’s AI models also broke into an external company, the social media giant said Wednesday.Those breaches also show how unpredictable AI can be when interpreting instructions. OpenAI’s models, for example, were trying to pass a cybersecurity test when they broke out of their test environment and breached another company, even though they weren’t told to do so.Patrick Fussell, global head of adversary simulation at IBM, compared AI to a genie.“You want to ask it a wish, but you have to be very, very specific about the details of your wish,” he told CNN. “Or it could sort of go awry.”But these instances also happened under very specific circumstances.OpenAI turned off restrictions that would have prevented its model from “pursuing high risk cyber activity.” Anthropic ran its tests without the standard safety safeguards in models that are generally available to the public. The AI Security Institute also turned off certain tools that could have “reduced the scope” of what the models were capable of.Researchers typically do this to fully evaluate a model’s capabilities.“I couldn’t go into ChatGPT or Claude or something like that, and it accidentally breaks into the FBI. That’s not going to happen,” said Adam Meyers, head of counter adversary operations at cybersecurity firm CrowdStrike. “So what we’re seeing is these are done in specific test conditions where they’re monitoring to see, ‘Does this thing do something that it’s not expected to do?”How hackers are using AIAI isn’t acting autonomously to come up with new attacks, experts say. Instead, it’s helping cyber criminals implement existing techniques much faster while being more efficient and effective.That can include things like using AI to analyze a company’s website to figure out who to target or deploying an AI agent to handle initial negotiation talks with a cyber extortion victim. AI agents can mimic human conversations through both text and even specific voices. Hackers with little expertise can now leverage AI to pull off advanced schemes.“They’re using (AI) to enhance the cyberattack methodology, essentially, in all the different stages, but it’s still kind of being run by the human,” said Jud Dressler, head of the risk operations center at cyber insurance firm Resilience.Bad actors used to hastily scrap together basic scripts – instructions for automating tasks – to achieve their goals, according to Meyers. But now they’re able to churn out higher quality work that looks like it would have taken three times as long to produce.They’re also using AI for behind-the-scenes work like generating the infrastructure needed to put up malicious websites.“With AI, they could automate that buildout, and so the cost of rebuilding became very small and that changes the game,” said Rob Lefferts, corporate vice president of threat protection at Microsoft.The bigger threatFor Etzioni, the recent incidents are a “canary in the coal mine” moment for AI and cybersecurity. And he’s not alone; Nobel prize-winning computer scientist Geoffrey Hinton, known popularly as the “godfather of AI,” recently warned that more rogue AI attacks are likely to come.The rogue AI reports underscore the importance of implementing strong cybersecurity practices, such as patching vulnerabilities, monitoring AI agents in the workplace and being wary of social engineering and phishing scams, experts say.But as advanced as AI is becoming, it’s still a program being orchestrated by a human. And those humans are the bigger concern because they’re the ones making the decisions, like conducting espionage or scamming users out of huge sums of cash, says Meyers.Tech giants are racing to make AI as intelligent as humans, a theoretical milestone known as “artificial general intelligence.” The recent incidents, however, have heightened calls for a slowdown.More than 1,200 workers at top AI companies, including Anthropic CEO Dario Amodei, recently signed an open letter calling for the government to help pace AI development. The White House met with major AI companies last week to discuss a framework that would allow the government to review certain AI models before they’re released.Cybersecurity researchers have likely considered the threats of AGI because those in the field tend to be paranoid, said IBM’s Fussell. But we’re still far from a reality in which AI agents are as smart as humans, he says.“It’s like asking someone, ‘What would it be like to live on a different planet?’” he said. “You can sort of imagine, but it’s so beyond our ability to really make a plan for.”The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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