Global crude oil prices fell by about 3 percent on hopes of a possible deal between the US and Iran and the reopening of the Strait of Hormuz.

According to the World News Agency, September Brent crude oil contracts fell by $3.20 to $3.27 percent during trading in the US market to $94.61 per barrel.

Similarly, the price of US crude oil West Texas Intermediate also fell by $3.71, or 3.86 percent, to $92.31 per barrel and the price trend continued to decline throughout the day, which was considered positive by investors.

This hope among investors has arisen when the ongoing war with Iran is likely to end and oil shipments through the Strait of Hormuz will return to normal. This expectation has led to a decline in oil prices.

In addition, the news of a ceasefire between Israel and Lebanon has also strengthened expectations of a decrease in tension in the Middle East. For this reason, investors temporarily ignored the possibility of further increases in oil prices.

It should be remembered that last week, oil prices in the global market increased by more than 5 percent as negotiations between the United States and Iran stalled, limiting oil shipments through the Strait of Hormuz.