Global oil prices declined on Monday following remarks by U.S. President Donald Trump expressing optimism about reaching a deal with Iran. In early Asian trading, West Texas Intermediate crude dropped 3.4 percent to 62.99 dollars per barrel, while Brent crude fell 3.2 percent to 67.09 dollars.

The price movement followed weeks of heightened tension between Washington and Tehran. After anti-government protests in Iran were met with a crackdown, Trump had threatened military action and ordered an aircraft carrier to the Middle East. He has been pressing for a new agreement over Iran’s nuclear program. On Sunday, Iran’s Supreme Leader Ali Khamenei compared the protests to an “uprising” and warned that any military intervention would lead to a regional war.

Responding to Khamenei’s comments, Trump told reporters he hoped for a deal but said time would determine whether Khamenei’s stance was right or wrong.