Oil prices experienced a significant drop on Thursday following reports of a signed memorandum of understanding between the United States and Iran, paving the way for a potential peace agreement. The price of Brent crude oil has fallen to its lowest level since March 2nd. This date marks the first trading day after the commencement of US-Israeli attacks on Iran. The agreement suggests a de-escalation of tensions in the region, impacting global oil markets. Analysts attribute the price decrease directly to the improved prospects for a peaceful resolution. The memorandum was signed electronically by both presidents, indicating a willingness to pursue diplomatic solutions. Further details of the agreement have not yet been released, but the initial reaction has been a marked decline in oil prices.