Oil prices recorded the biggest one-day drop since April 18 on Monday. Brent futures for September delivery fell 8.7% to $88.36 per barrel, while West Texas Intermediate crude fell 7.5% to $82.61.

The plunge came after the United States stopped airstrikes against the Islamic Republic from Friday evening, after 13 consecutive nights. The Islamic Republic also said it had suspended its retaliatory operations and entered talks with Oman regarding shipping in the Strait of Hormuz.

The resumption of oil loading at the Caspian Sea Pipeline Consortium terminal on the Black Sea coast of Russia also contributed to the decline in prices. The terminal had been closed for a week after drone attacks from Ukraine.

Last week, Brent for a time rose above $102, the highest level since late May.

The downward trend continued on Tuesday as well. Brent fell $1.47 to reach $86.89, the lowest level since July 20.