Oil prices dropped by nearly 2% on Monday after Axios reported that a senior unnamed U.S. official stated that “Israel and Lebanon have agreed on terms to end the conflict between Israel and Hezbollah.”

Brent crude futures fell by $1.56, or 2.08%, to $73.61 per barrel.

Meanwhile, West Texas Intermediate crude futures decreased by $1.66, or 2.33%, to $69.58 per barrel.