Crude oil prices in the international market have fallen to their lowest level in three months. The decline followed a preliminary understanding between the United States and Iran and optimism over the reopening of the vital Hormuz Strait. On Tuesday, Brent crude dropped by 2.02 dollars or 2.4 percent to 81.15 dollars per barrel, briefly touching 80.89 dollars, the lowest since March 4. Meanwhile, US benchmark West Texas Intermediate (WTI) crude fell by 2.22 dollars or 2.8 percent to 78.53 dollars per barrel, reaching as low as 78.27 dollars, the lowest since March 10.

Market analysts attributed the price drop to expectations that shipping and oil supply through the Hormuz Strait would remain stable following the US-Iran understanding. This reduced global energy supply concerns and exerted downward pressure on prices. Earlier, oil prices had already fallen sharply after US President Donald Trump announced an interim agreement aimed at easing tensions involving the United States, Israel, and Iran.

The easing of geopolitical tensions and improved supply outlook may keep oil prices under pressure in the short term, according to the market trend described in the report.