Global oil prices drop sharply amid hopes of US-Iran agreement

Global oil prices fell significantly after prospects of a possible agreement between the United States and Iran raised hopes for easing tensions in the Middle East.

According to international media reports, oil prices dropped by more than 5% during early trading in Asian markets on Monday.

The price of Brent crude declined 5.1% to $98.22 per barrel, while US West Texas Intermediate (WTI) crude fell 5.2% to $91.57 per barrel.

Market analysts said the decline came amid expectations of a potential agreement between United States and Iran aimed at ending conflict in the Middle East, although US President Donald Trump downplayed the chances of an immediate breakthrough.

In a statement posted on social media on Sunday, Trump said he had instructed his representatives not to rush into any agreement.