Oil prices are dropping sharply on Monday amid emerging hopes for a diplomatic resolution to the conflict in the Middle East after the U.S. and Iran halted mutual strikes.

The price of September Brent futures on the London-based ICE Futures exchange stands at $92.09 per barrel, which is $4.69 (4.85%) lower than at the close of the previous trading session. On Friday, they fell by $3.91 (3.88%) to $96.78 per barrel.

September WTI crude futures in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $4.56 (5.11%) to $84.75 per barrel. At the end of the previous session, their price decreased by $2.88 (3.12%) to $89.31 per barrel, the highest level since June 4.