Oil prices experienced a significant drop on Friday following news of an impending agreement between the United States and Iran. Brent crude futures fell by 4.1 percent to $83.75 a barrel, reaching their lowest level since March. West Texas Intermediate (WTI) crude also declined, falling 4.72 percent to $80.87 a barrel. The price decrease is directly linked to the announcement of a memorandum of understanding signaling a potential peace deal between the two nations. Analysts suggest the agreement could lead to increased oil supply, easing previous market concerns. Reuters reported the price changes occurred as of 02:04 Central European Summer Time. The anticipated increase in supply is the primary driver behind the market reaction.