Crude oil prices have experienced a significant drop as Brent Crude fell by 4.57% to $98.81 per barrel, while West Texas Intermediate (WTI) decreased by 4.68% to $92.08 per barrel. This decline is attributed to emerging discussions on a potential peace deal between the United States and Iran, as indicated by President Donald Trump. Trump announced on Truth Social that an agreement has been 'largely negotiated,' which includes Iran's commitment to reopen the Strait of Hormuz and manage its stockpile of highly enriched uranium. However, the specifics of the agreement, including sanctions relief, are still under negotiation. Trump emphasized the importance of not rushing into a deal, asserting that the US blockade on Iranian ports will remain until a formal agreement is reached. He criticized the previous Iran nuclear deal, claiming the current negotiations represent a more favorable approach for the US.