Oil prices are recording sharp declines in international markets following the official reports detailing a finalized memorandum of understanding between the United States and Iran, alongside the announcement ending the naval blockade and military operations.Following this dramatic development, Brent crude is trading at approximately $83.82 per barrel, after registering a drop of around 4.02%. Concurrently, West Texas Intermediate (WTI) crude is trading at roughly $80.95 per barrel, reflecting a sharp decline of about 4.63%.