Oil prices fall as markets react to possible Hormuz agreement

Oil prices dropped sharply on Wednesday while stock markets rose globally amid hopes that the US and Iran may be moving towards an agreement that would allow shipping through the Strait of Hormuz to resume normally.

Brent crude, the international benchmark, fell 5.8 percent to $103.54 a barrel after climbing above $115 earlier this week.

The decline came after US President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran agrees to a reported deal, though he did not provide further details.