The oil price drops as the US and Iran consider holding a new round of peace talks.

Oil prices fell, and there are signs that Washington and Tehran may restart peace talks after the US military began blocking the Strait of Hormuz. WTI crude oil futures fell to $96 per barrel, while Brent crude oil futures closed near $99 per barrel on Monday. The US and Iran are reportedly preparing for a new round of talks to push for a long-term ceasefire, with sources saying the goal is to hold talks before the two-week ceasefire agreement announced on April 7 expires next week. US President Donald Trump earlier said that Tehran had reached out proactively, telling reporters, "This morning, we received a call from the right people, they want to push for an agreement." Meanwhile, Iranian President Hassan Rouhani said that Iran is prepared to continue negotiations under international law and regulations.