At 6:20 p.m. local time in Sweden, oil cost $78.9 per barrel in international futures trading. This means that the price has fallen 5.1 percent during the day.
U.S. WTI oil was $76 per barrel after a fall of almost 6 percent.
This is believed to be due to hopes for a long-term peace agreement between the U.S. and Iran and the resumption of oil shipments through the Strait of Hormuz, which has been blocked by Tehran, CNBC reports.
At the same time, there is still great uncertainty surrounding the details of the preliminary agreement signed between the U.S. and Iran.
