Kuwait city: Oil prices posted moderate declines amid peace reports related to Iran war. Brent futures dropped by 1% to around $107 as of 0800GMT, while West Texas Intermediate (WTI) prices fell by 2% to $109. While oil prices started the new week with increases, declines were seen thanks to ceasefire reports between Iran and the US.

According to Anadolu Agency, the US, Iran, and regional mediators are in urgent discussions over a possible 45-day ceasefire that could lead to a permanent end to the war. This information was reported by the Axios news site on Sunday, citing American officials. The sources indicated that while discussions are underway, the chances of securing even a partial agreement in the next 48 hours are slim.