Oil prices fell sharply on Monday morning. The reason is the news of agreements reached between the US and Iranian authorities that will allow to stop military operations in the Middle East and restore shipping in the Strait of Hormuz.

On the ICE Futures stock exchange in London, the price of August futures for Brent crude oil is $83.24 per barrel, which is $4.09 (4.68%) lower than the previous close. On Friday, they fell $3.05 (3.37%) to $87.33 per barrel.

On the New York Mercantile Exchange (NYMEX), the July WTI crude oil futures fell $4.27 (5.03%), to $80.61 a barrel. They had fallen $2.83, (3.23%), to $84.88 a barrel in the previous session.

Brent and WTI crude oil futures on Monday fell to their lowest levels since March 10.