Oil prices dropped sharply on Wednesday, extending losses after Axios reported that the U.S. and Iran were closing in on an agreement to bring an end to the conflict.
International benchmark Brent crude futures tumbled 9.2% to $99.79 U.S. per barrel as of 6:58 a.m. ET, falling below $100 for the first time since April 22.
U.S. West Texas Intermediate futures, meanwhile, fell 10.9% to $91.10. Both oil contracts settled more than 3.9% lower in the previous session.
Axios reported that the White House believes it is nearing a one-page, 14-point memorandum of understanding to end the war and establish a framework for more detailed nuclear talks.
The U.S. reportedly expects Iran to respond on several key points over the next 48 hours. Nothing has been agreed yet between the two sides, but sources told Axios that this was the closest Washington and Tehran had been to an agreement since the war began on Feb. 28.
Iranian officials told the media they were “evaluating” Washington’s 14-point peace proposal. The White House, meanwhile, was not immediately available to comment.
Iran said earlier on Wednesday that it would only accept a peace deal that was “fair.”
