Oil prices are extending their fall since Friday morning, which is now down 5%, amid optimism over negotiations aimed at opening the Straits of Hormuz and ending the war in the Middle East.
The international benchmark, Brent North Sea crude, fell 5.0% to $85.86 a barrel on hopes that the waterway through which large quantities of oil and natural gas are transported globally will be unblocked.
The main US contract, West Texas Intermediate, was also down 5.0% at $83.32 a barrel.
Source: KYPE