Brent Crude oil price : Brent crude futures fell $3.58, or 4.10%, to $83.75 a barrel, while U.S. West Texas Intermediate crude declined $4.01, or 4.72%, to $80.87. Both benchmarks had already fallen more than 3% on Friday.

Brent crude drops 15% from war highs as US-Iran peace deal hopes and plans to reopen the Strait of Hormuz reshape global oil markets and investor

Brent crude oil prices fell to their lowest levels since early March as traders grew more confident about an imminent peace agreement between the US and Iran.