Oil Prices Fall as Traders Bet on U.S.-Iran Deal

Oil prices dropped by around 4% early on Wednesday as hopes of a U. S. -Iran deal outweighed concerns about rapidly drawing inventories as the Strait of Hormuz remained closed on the back of fresh U. S. -Iran hostilities. As of early Wednesday trade in Europe, WTI Crude, the U. S.

benchmark, is down by 4. 32% at $89. 83 per barrel. The international benchmark, Brent Crude, had fallen 3. 66% to $95. 94, remaining below the $100 a barrel mark for the third consecutive day.