Oil prices drop 5% on optimism for a U.S.-Iran agreement to reopen Strait of Hormuz
Oil prices dropped Wednesday on rekindled hope of the Strait of Hormuz reopening as the U.S. and Iran appeared to be nearing an agreement to deescalate the war launched 89 days ago by the U.S. and Israel.
Brent North Sea crude, the international benchmark, fell 5% to $94.61 a barrel briefly, before rebounding slightly to trade around the $95 mark.
The main U.S. crude contract, WTI, tumbled almost 6% to trade at $89 a barrel early Wednesday.
