According to Reuters, the price of Brent crude oil fell by $5.85, representing a 5.7% decrease, bringing it to $97.69 per barrel.
The price of U.S. West Texas Intermediate crude also dropped by 6%, reaching $90.85 per barrel.
This marks the lowest oil price level recorded since May 7, 2026.
The decline in prices came after U.S. President Donald Trump announced that most issues had already been agreed upon between the United States and Iran in efforts to end the war and reopen the Strait of Hormuz.
Despite this progress, there are still unresolved issues between the two countries. On Sunday, Trump stated that the United States is in no rush to finalize an agreement with Iran.
So far, both the United States and Iran are working on a deal that could permanently end the conflict. Neither side has disclosed the full details of the agreement, but both say negotiations have reached an advanced stage.
CNN reported that some of the key issues likely included in the agreement involve reopening the Strait of Hormuz, although Iran wants to maintain control over operations in the waterway.
Iran is also demanding that the United States stop efforts aimed at restricting its ports. On the other hand, the United States wants Iran to abandon its nuclear weapons program.
Another demand from Iran is the release of its frozen assets, including funds held by international banks.
At the moment, the fighting between the two sides appears to have eased after Trump decided not to resume attacks even after the ceasefire deadline had expired.
