Oil prices fall on hopes of a potential agreement between the U.S. and Iran.

Oil prices dropped in Asia during early trading amid hopes that the U.S. and Iran might reach an agreement to alleviate supply disruptions. U.S. President Trump told reporters on Sunday that negotiations with Iran would begin Monday afternoon. Trump stated that he had originally prepared to launch the largest military strike since World War II, but was dissuaded by U.S. allies. Oil prices may also be weighed down by OPEC+'s decision to increase oil production by about 188,000 barrels per day in September. West Texas Intermediate crude futures fell 4.6% to $80.77 a barrel; Brent crude futures dropped 4.5% to $83.98 a barrel.