Oil prices retreated on Monday after signs of progress in US-Iran negotiations eased fears of ongoing supply disruptions in the Strait of Hormuz, a critical global oil transit route.

Oil prices edged lower as the Strait of Hormuz reopened, with Brent crude at $79.49 and WTI at $76.36, while markets shifted focus to global demand trends.

Brent crude drops over 5% to three-month lows near $82.84 as US-Iran MOU signals progress on reopening the Strait of Hormuz. Here's what it means for