The price drop follows reports to the Japanese news agency Kyodo that Iran has offered to open traffic through the Strait of Hormuz if the US lifts the blockade on Iranian ports.
The information comes ahead of US President Donald Trump's speech at the UN, where there is also room for a direct meeting between Trump and Iranian President Masoud Pezeshkian.
It is also reported that Saudi Arabia has transported 2.9 million barrels of oil per day through the Strait of Hormuz over the past six days and that there are oil tankers in Saudi ports with a combined capacity of 14 million barrels - the highest capacity measured there since June.
The price of oil has increased by more than 60 percent since the United States and Israel began the bombing war against Iran on February 28.
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