Oil prices fell significantly throughout last week as discussions regarding an Iran deal continued to take place.

Prices are down around 8 percent for the week with Brent crude around $91 a barrel.

Westpac Chief Economist Kelly Eckhold says rumours regarding an imminent Hormuz opening agreement caused prices to drop on Friday, but things aren't fully stable.

"Mediators had sent a proposal to Trump for an agreement and then noted on his Truth Social account that he was going to make what he called a 'final determination' on the Iran issue. He was in this meeting, but we weren't that lucky." 

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