Fuel prices could drop in the coming days following a sharp decline in global crude oil prices linked to ongoing peace talks between the United States and Iran. Oil prices fell from about $111 last week to around $97 on Monday morning, raising hopes of relief in fuel costs.

Brent crude had previously hovered between $103 and $105, but improved signals from the peace negotiations reportedly eased market tensions. Analysts believe a potential agreement and possible reopening of the Strait of Hormuz could further push prices downward.

The decline follows months of volatility after crude oil rose above $100 and even exceeded $115 during the conflict period that began on February 28. Since then, fuel prices had surged globally due to increased production costs tied to rising crude prices.