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Oil prices plunged on Monday after signs of progress emerged in negotiations between the United States and Iran aimed at reopening the Strait of Hormuz, one of the world’s most critical oil shipping routes. The decline in crude prices eased concerns over prolonged supply disruptions that have rattled global energy markets for weeks.
Brent crude futures fell 4.7% to $95.55 per barrel, slipping below the key $100 mark, while U.S. West Texas Intermediate (WTI) crude dropped 5.1% to $91.70 per barrel. The sharp decline followed reports suggesting Washington and Tehran have reached a preliminary framework to de-escalate tensions tied to the ongoing Iran conflict.
According to Reuters, an Iranian foreign ministry spokesperson stated that both countries had made progress on several issues, although no final agreement has been signed. The proposed understanding reportedly includes efforts to reopen the Strait of Hormuz, a strategic waterway responsible for transporting nearly 20% of the world’s oil supply.
The Strait of Hormuz has faced severe disruptions for weeks due to the conflict, triggering a spike in global oil prices and raising fears of renewed inflation across major economies. Reports also indicated that some oil tankers have resumed limited passage through the route, although shipping activity remains well below normal levels.
In exchange for restoring maritime access, the United States is reportedly considering easing its naval blockade on Iranian ports. However, U.S. President Donald Trump stated that sanctions and restrictions would remain until a formal agreement is fully approved and signed.
Iran also signaled that it would not impose direct tolls on ships passing through the strait, although certain maritime services may still involve fees.
Despite the latest decline in crude oil prices, analysts warn that restoring full oil flows could take months, meaning energy markets may continue to experience volatility throughout 2026.
