U.S. crude oil prices fell about 5% Wednesday on a report Iran would restore traffic through the Strait of Hormuz as part of a framework deal with the U.S.

Trump had said an agreement with Iran to open the Strait of Hormuz, among other issues, was largely negotiated and would be announced soon.

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

Crude oil futures dip amid cautious market response to US-Iran deal negotiations, signaling potential impact on global oil supply.

Crude falls nearly 6% while Trump says Strait of Hormuz blockade will stay in place until agreement finalised