Washington — Oil prices fell sharply on Saturday, with Brent crude futures closing at $87.33 per barrel, down $3.05 or 3.37%. U.S. West Texas Intermediate settled at $84.88 per barrel, a decline of $2.83 or 3.23%, marking its lowest level since April 17.

The drop came as reports suggested the United States and Iran may sign a memorandum of understanding in the coming days to end hostilities. Market sentiment has shifted toward optimism that a deal could ease tensions, stabilize energy markets, and reopen the Strait of Hormuz to international shipping.