Oil prices declined during early Asian trading as expectations grew for the reopening of the Strait of Hormuz, a crucial maritime passage that typically handles about one-fifth of the world's oil shipments. Reports cited a U.S. official on Sunday stating that a preliminary agreement had been reached, under which Iran would reopen the strait. Concurrently, U.S. President Donald Trump indicated on Sunday that he was in no rush to finalize a deal with Iran to conclude the conflict. Near-month West Texas Intermediate (WTI) crude futures fell 5.1% to $91.71 per barrel, while near-month Brent crude futures also dropped 5.1% to $98.29 per barrel.