Oil prices down moderately amid peace reports

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.

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, according to multiple sources familiar with the negotiations, the Axios news site reported Sunday, citing American officials.

The sources said the chances of securing even a partial agreement in the next 48 hours are slim, however.