Spain: Oil prices fell by more than $4 on Monday, dropping to their lowest levels in three months after the announcement of a memorandum of understanding between the United States and Iran aimed at ending the war and reopening the Strait of Hormuz. Futures for Brent crude declined by $4.16, or 4.76 percent, to settle at $83.17 a barrel. Meanwhile, futures for West Texas Intermediate fell $4.13, or 4.87 percent, to settle at $80.75 a barrel.
According to Qatar News Agency, the two benchmarks shed a large portion of the war-risk premium that had accumulated over recent months, with both Brent and US crude futures closing at their lowest levels since March.