Nigeria, June 15 -- Global crude oil prices recorded a steep decline on Monday following a peace agreement between the United States and Iran, bringing an end to more than two months of hostilities that disrupted global energy markets and fuelled inflationary pressures across several economies.

Brent crude, the international benchmark for oil, dropped by nearly four per cent to trade at $79.50 per barrel as of 9:54 a.m. Nigerian time.

An analysis of market data showed that Brent crude, which opened at $80.24 per barrel on Sunday, climbed briefly to about $81 before declining steadily to $79.39, its lowest level within the last 24 hours.

The sharp decline followed Sunday's announcement by Washington and Tehran that they had agreed to en...