Brent crude futures fell 8.9% to $90.54 per barrel, while WTI dropped 9.9% to $85.02 per barrel on Friday.
The decline followed reports that the United States is negotiating a $20 billion cash‑for‑uranium arrangement with Iran to end the conflict.
Sources familiar with the matter said the three‑page proposal would release frozen Iranian funds in exchange for Iran relinquishing enriched uranium.