Oil prices dropped on Wednesday following a report claiming that a deal between the U.S. and Iran would see the reopening of the Hormuz Strait for commercial shipping with a month.
Brent crude, the international benchmark, fell by 3.60% at 9:14 a.m. and clocked in at $93.19. West Texas Intermediate, the U.S. benchmark, dropped 4.78% and stood at $89.38 at the same time.
