The price for a barrel of Brent crude fell 5.4 per cent to 78.66 dollars. With this, the oil prices dipped below 80 dollars per barrel for the first time since March this year.
The dip comes amid optimism continuing that a tentative U.S.-Iran deal on their war will reopen the Strait of Hormuz at the end of the week and get the global flow of oil going again.
In the wake of US and Israeli strikes on Iran beginning on the 28th of February, crude oil prices skyrocketed, climbing up to nearly 120 dollars per barrel.
However, prices have fallen precipitously since the opening of futures trading for the week on Sunday evening after President Trump announced Washington and Tehran had agreed to the terms of a memorandum of understanding to end the war that has roiled the global energy market.