Pakistan, June 15 -- Oil prices fell to their lowest level since March on Monday after the United States and Iran announced a preliminary agreement. The development matters because it signals easing geopolitical tensions and could restore key global oil flows. Energy markets, exporters, and importing economies are directly affected by the price decline.

Brent crude futures dropped $4.08 to $83.25 per barrel in early trading. Meanwhile, US West Texas Intermediate fell $4.35 to $80.53 per barrel. Both benchmarks hit their weakest levels since March 10 after sustained pressure from recent market volatility.

Moreover, the decline followed statements from US President Donald Trump and Iranian officials confirming a draft understanding. The d...