Oil prices fell on Thursday morning following the news of the signing of a memorandum of understanding between the US and Iran.

Accordingly, Brent oil futures for August delivery fell $1.79 (2.25%) to $77.76 a barrel on the ICE Futures stock exchange in London. On Wednesday, they had risen $0.59 (0.75%) to $79.55 a barrel.

And the WTI oil futures for July delivery dropped $1.99 (2.59%) to $74.80 a barrel in online trading on the New York Mercantile Exchange (NYMEX). In the previous session, they had risen by $0.74 (0.97%), reaching $76.79 per barrel.