Oil prices have fallen to their lowest levels in nearly two months following indications from U.S. and Iranian officials of a potential agreement to ease Middle East tensions.
Reports suggest a memorandum could be signed soon, with possible effects on global oil markets and shipping through the Strait of Hormuz.
The decline comes as officials signal efforts to de-escalate ongoing issues in the region. U.S. President Donald Trump has been referenced in connection with the developments.
Market analysts note the sensitivity of oil prices to any signs of reduced geopolitical risk. Prices fell significantly in recent trading sessions.
