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.

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.