Oil prices experienced a significant drop on Tuesday, reaching their lowest point since March. This decline follows the announcement of an impending memorandum of understanding between the United States and Iran regarding a peace agreement. Brent crude futures fell by 4.1 percent to $83.75 per barrel, while West Texas Intermediate (WTI) crude decreased by 4.72 percent to $80.87 per barrel, according to Reuters. The anticipated agreement suggests a potential increase in oil supply, easing previous market concerns. Investors are reacting to the prospect of reduced geopolitical tensions impacting oil production. The price drops were observed as of 02:04 Central European Summer Time.