Amid ongoing geopolitical uncertainty surrounding a possible peace deal between Iran and the United States, oil prices are unlikely to continue their noticeable decline after falling on Monday.

In the coming days, Brent prices are not expected to dip significantly below $80 per barrel, experts said, The Caspian Post reports, citing TASS.

“Taking into account the decline that has already occurred on Monday, we do not believe that in the coming days the price of Brent will become significantly lower than $80 per barrel. There is a lot of uncertainty both on the future resolution of controversial issues and on Israel's participation in the deal,” said Kirill Bakhtin from BCS Investment World.

The Brent price has already fallen to about $88.6 per barrel, said Nikolay Dudchenko from FG Finam.

“Even if the Strait of Hormuz is unblocked, the restoration of production by the Persian Gulf countries will take quite a long time. Tentatively, by the end of this year,” Dudchenko added.

At the same time, he does not expect oil prices to continue declining significantly. “If the Strait is unblocked, it is possible that we will see a price movement in the range of $75-85 per barrel, but a return to the levels of the beginning of this year is unlikely,” the analyst noted.