Oil prices are falling as the possibility of reopening the Strait of Hormuz looms.

As the possibility of reopening the Strait of Hormuz arises, oil prices have fallen in early trading in Asia. The Strait of Hormuz is a key waterway through which one-fifth of the world's oil is typically transported. According to media reports citing a US official on Sunday, a preliminary agreement has been reached, under which Iran will reopen the Strait of Hormuz. Meanwhile, US President Trump said on Sunday that he is not in a hurry to reach an agreement with Iran to end the war. West Texas Intermediate crude futures for the nearby month fell 5.1% to $91.71 per barrel, and Brent crude futures for the nearby month fell 5.1% to $98.29 per barrel in recent months.