New Delhi, May 25 -- Crude oil prices continued to drift lower on Monday, 25 May, as hopes of a potential peace deal between the US and Iran strengthened, raising expectations of a reopening of the Strait of Hormuz.

Extending their decline, Brent crude futures crashed another 7.2% in trade to $95.95 per barrel, marking the lowest level since 23 April, while WTI crude futures also fell nearly 7% to the day's low of $89.44 per barrel.

The decline in crude prices accelerated after US Secretary of State Marco Rubio said that the US would give diplomacy every opportunity to succeed before considering dealing with Iran "another way."

Over the weekend, US President Donald Trump said, "negotiations were proceeding in an orderly and constructiv...