Crude oil prices fell sharply in the global market after positive developments regarding the ceasefire between the US and Iran and the possible reopening of the Strait of Hormuz.

According to the World News Agency, the price of Brent crude oil fell to a three-month low after news of an agreement between Iran and the US on a memorandum of understanding.

Brent crude oil futures fell by $2.02, or 2.4 percent, to trade at $81.15 per barrel. At one point, Brent crude oil fell to $80.89 per barrel, its lowest level since March 4.

Similarly, the price of US West Texas Intermediate crude oil fell by $2.22, or 2.8 percent, to trade at $78.53 per barrel. At one point, it also fell to $78.27 per barrel, which is considered the lowest level since March 10.

This rapid decline in oil prices reflects the impression that the path to normalization of shipping in the Strait of Hormuz may be paved.

It should be noted that the Strait of Hormuz is one of the most important shipping lanes in the world through which a large amount of global oil passes, so tension or peace in this region directly affects oil prices.

If progress continues on the agreement between the US and Iran and the Strait of Hormuz is fully restored, supply concerns in global energy markets may further decrease, which is likely to result in a continued decline in oil prices.