Brent crude fell more than 3% Wednesday as reports of a draft framework agreement competed with fresh U.S. military action near the Strait of Hormuz

Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92.

The strait – which links the region to world markets – has been subject to a double blockade, with curbs imposed by both Iran and the US.