Global oil prices drop as Iran–US agreement expectations rise

Crude oil prices fell sharply in the global markets as hopes increased for a possible agreement between Iran and the United States.

According to international reports, oil prices dropped by more than 5% during early trading in Asian markets on Monday. Investors reacted to expectations that tensions in the Middle East could ease if diplomatic talks move forward.

Brent Crude Oil fell by 5.1% and was recorded at $98.22 per barrel. At the same time, West Texas Intermediate (WTI) crude also decreased by 5.2%, reaching $91.57 per barrel.

Market experts say the decline is linked to hopes that improving relations between Iran and the US could reduce uncertainty in the region and improve global oil supply.

However, US President Donald Trump said that an immediate agreement is still unlikely. In a social media post on Sunday, he added that he has directed his team not to rush any deal.

Energy markets are now closely watching developments in Iran–US relations, as any progress or breakdown could have a strong impact on global oil prices in the coming days.