Oil prices fell by more than 1 percent, reaching their lowest levels in four months, as markets responded to positive remarks from US leaders regarding relations between Washington and Tehran.

Brent crude futures dropped $1.38, or 1.89 percent, to $71.57 a barrel, while US West Texas Intermediate crude fell 92 cents, or 1.32 percent, to $68.58 a barrel, The Caspian Post reports, citing Al Jazeera.

Both benchmark contracts closed at their lowest levels since March.

The decline followed optimistic comments from US President Donald Trump and Vice President JD Vance, who said earlier that talks with Iran were progressing "very well" and "extremely well," respectively.