Positive signals from the US-Iran negotiations have led to a sharp drop in international oil prices.

Due to some positive signals emerging from the negotiations between the United States and Iran, international oil prices began a new week of trading in New York on Sunday (May 24th) and dropped significantly, with the decline reaching over 5%.

According to Xinhua News Agency, the data shows that the price of the July delivery light crude oil futures on the New York Mercantile Exchange dropped by 5.24 dollars to 91.36 dollars per barrel, a decline of 5.42%; the price of the July delivery Brent crude oil futures on the London Mercantile Exchange dropped by 5.42 dollars to 98.12 dollars per barrel, a decline of 5.23%.

An American high-ranking official told the media on the 24th that both the US and Iran have agreed in principle to reach an agreement that might end the war in the Middle East, but the final approval from the leaders of the two countries may take several days.

The unnamed official said that according to the agreement, the Strait of Hormuz would be reopened and Iran would be persuaded to abandon highly enriched uranium. As for how Tehran would handle its highly enriched uranium, negotiations are still ongoing.

US President Trump said on the social media platform Truth Social on the 24th that if he reached an agreement with Iran, it would definitely be a "good and proper agreement", and it would be better than his decision to have the US withdraw from the nuclear deal that was reached between Obama's administration and Iran.

Earlier on the same day, he said that the US-Iran negotiations were "progressing in an orderly and constructive manner".

On the 24th, representatives from Oman and Iran held discussions in Muscat, the capital of Oman, regarding a series of principles based on international law for regulating navigation in the Strait of Hormuz. They also exchanged views on ensuring the security of shipping, trade and supply chains.