Doha: Oil prices on Friday fell by more than 3 percent at settlement, as traders grew more confident of a peace agreement between the United States and Iran. Brent crude futures settled at USD 87.33 a barrel, down USD 3.05, or 3.37 percent, marking their lowest level since early March. West Texas Intermediate crude futures also fell, settling at USD 84.88 a barrel, down USD 2.83, or 3.23 percent, its lowest level since April 17. According to Qatar News Agency, the decline in oil prices comes amid optimism surrounding potential diplomatic progress between Washington and Tehran. This optimism has been a significant factor influencing traders' sentiments, leading to the notable drop in oil prices. The developments suggest a possible easing of tensions in the region, which has historically been a volatile factor in global oil markets. The decrease in Brent crude futures and West Texas Intermediate crude futures has been noted as the largest drop in several months. This shift has raised questions about the futur e trajectory of oil prices, especially as global markets continue to respond to geopolitical developments. The settlement figures indicate a significant shift in market dynamics, reflective of traders' changing expectations regarding U.S.-Iran relations. Market analysts are closely monitoring the situation, as any formal agreement between the U.S. and Iran could lead to changes in oil supply dynamics. The potential for increased Iranian oil exports could further influence global oil prices. The market will continue to assess how these geopolitical factors play out in the coming weeks, with the potential for further price adjustments based on the evolving situation.