As of around 2300 GMT Sunday, the price of North Sea Brent crude slipped 5.1 percent to $98.22 per barrel, while West Texas Intermediate fell 5.2 percent to $91.57 a barrel before recovering slightly.
Also read: Diesel, petrol price hike: Fuel rates increased for fourth time since Iran war began
Japan’s Nikkei share index rose more than 2.5 percent as of around 0030 GMT. Sydney crept slightly higher, while Hong Kong and Seoul were closed for public holidays.
Trump tempered expectations of an agreement to end the war, saying in a Sunday social media post that he had “informed my representatives not to rush into a deal in that time is on our side”.
The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic republic responded with missile and drone attacks across the region.
The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.