Live: Oil Prices Fall Below $100 as Trump Say Iran War May Be Coming To End

Brent crude fell 10% to $98 and WTI dropped over 12% to $89 after reports emerged that the U. S. and Iran are discussing a one-page memorandum to pause the Hormuz conflict.

President Trump halted Project Freedom — a naval effort to escort vessels through the Strait of Hormuz — citing "great progress" toward a "complete and final agreement" with Iran.