International oil prices declined sharply on Monday.
The price drop was attributed to reports that Iran has asked Arab and European countries to mediate a ceasefire with Israel.
Citing European and Arab government officials, The Wall Street Journal (WSJ) reported on Monday that Iran is seeking to end the current airstrikes with Israel and resume nuclear negotiations with the United States.
International oil prices, which had surged over 7% when the airstrikes began on June 13, fell by more than 1%.
Brent crude, the global oil benchmark, settled at 73.23 USD per barrel for August delivery, down 1.00 USD (1.35%) from the previous session.
The U.S. benchmark West Texas Intermediate (WTI) saw its July contract slide 1.21 USD (1.66%) to close at 71.77 USD per barrel.
