By Isabel Wang and Myra P. Saefong
The EIA reported a significant drop in U.S. crude oil inventories, but oil prices mainly reacted to the potential de-escalation in Iran
President Donald Trump suggested Wednesday that a deal with Iran is close, while oil prices pulled back.
Oil futures marked their biggest one-day decline in two weeks Wednesday after President Donald Trump suggested that a deal with Iran was close, raising hopes for a resolution to the months-long stalemate in the Middle East.
Reports that a total of 26 ships passed through the Strait of Hormuz in the past 24 hours also helped ease global oil supply worries and contributed to the fall in prices.
