WTI crude oil futures fell more than 3% to below $91 per barrel on Wednesday, hovering near a five-week low, as hopes grew that the US and Iran might reach a peace agreement despite conflicting signals from both sides. Iranian state television reported the existence of an unofficial draft for an interim deal to end the war, while the White House dismissed the claim as “a complete fabrication.”
A potential reopening of the Strait of Hormuz — a key route that normally handles about 20% of global oil and LNG shipments — could substantially relieve pressure on global energy markets. Still, several major issues remain unresolved, including the fate of Iran’s frozen assets and guarantees regarding shipping access through the strait.
Iranian officials said indirect talks with Washington are ongoing, while US Secretary of State Marco Rubio cautioned that any agreement could still be several days away. The Strait of Hormuz remains largely closed, although two non-Iranian supertankers passed through on Tuesday for the first time in a week.
