Crude oil prices fell by 5.5 per cent on Monday to about $97.6 per barrel amid growing optimism over a possible peace agreement between the United States and Iran aimed at easing tensions around the Strait of Hormuz, a critical global oil transit route.

Peace talks between the US and Iran could lead to a significant drop in oil prices, impacting global fuel costs. Learn how the Strait of Hormuz reopening a

Oil prices have dropped significantly as markets react to potential peace talks between the United States and Iran. Asian stock markets saw early gains on Monday. President Donald…