Beirut: Oil prices fell to their lowest levels in three months on Monday, following the declaration of a preliminary agreement to end the war in the Middle East and resume navigation through the Strait of Hormuz. Brent crude futures fell USD 4.47, or 5.1 percent, to USD 82.86 per barrel. West Texas Intermediate (WTI) crude also fell USD 4.90, or 5.8 percent, to USD 79.98 per barrel.

According to Qatar News Agency, the recent developments between the United States and Iran have played a significant role in the decrease in oil prices. The preliminary agreement aims to put an end to prolonged conflicts in the Middle East, thereby ensuring the free flow of oil through the critical Strait of Hormuz, a vital route for global energy supply.

Market analysts suggest that the easing of tensions in the region could lead to a more stable oil market as navigation through the Strait of Hormuz resumes. The strait is one of the world's most crucial maritime passages, and any disruptions there can have significant impacts on global oil supply and prices.

The recent price drop has sparked discussions among industry experts about the potential long-term effects on the oil market, with some predicting further fluctuations depending on the stability of the geopolitical situation in the Middle East. The situation remains fluid, and stakeholders are closely monitoring any further developments.