Brent crude oil prices fell below $94 per barrel on London’s ICE exchange, marking the first drop under that level since April 21.

As of 8:54 PM Baku time, August futures were down 6.22%, trading at $93.98 per barrel. Meanwhile, July contracts for West Texas Intermediate (WTI) dropped 6.37% to $90.45 per barrel, The Caspian Post reports.

Earlier in the day, oil prices had already declined significantly following reports of a potential peace agreement between the United States and Iran, which fueled expectations of easing geopolitical tensions and reduced supply risk concerns in global energy markets.