Oil prices moved lower on Wednesday as investors weighed the prospect of a U.S.-Iran agreement that could restore shipping through the Strait of Hormuz.

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.

Analysts urge caution as US and Iran remain divided on key issues