Oil prices drop. Iranian television reported that a draft of the US-Iranian memorandum of understanding will resume traffic through the Strait of Hormuz.

As traders search for clues that negotiations may quickly reopen the Strait of Hormuz, Iranian media reported obtaining a draft informal memorandum of understanding to end the Iran war, causing oil prices to plummet. Brent crude oil briefly fell below $95 a barrel for the first time in over a month. Earlier, Iranian state television reported that a draft memorandum of understanding indicated that the US military would lift the maritime blockade and withdraw from the waters surrounding Iran, although an agreement has not yet been reached. The report stated that Iran would resume traffic through the Strait of Hormuz; if the blockade with the US is lifted simultaneously, it could rapidly bring a large amount of oil supply back to the market. Earlier on Wednesday, an Iranian official stated that indirect contacts with the US were still ongoing, and Iran's high-enriched uranium stockpile was not on the negotiation agenda. US Secretary of State Mike Pompeo cautioned that any peace agreement may take several days to finalize.