NEW YORK, May 6 (Xinhua) -- The Brent crude oil futures price for July delivery fell back to less than 100 U.S. dollars per barrel on Wednesday morning as investors reacted to the prospect of the United States and Iran soon ending the war in the Middle East.
West Texas Intermediate crude for June delivery dropped as much as 13.61 dollars, or 13.3 percent, to 88.66 dollars per barrel at one point. Brent crude for July delivery lost 13.12 dollars, or 11.94 percent, to 96.75 dollars a barrel at the low point in the morning session.
The United States and Iran are closing in on a one-page memo to end their war, Axios reported on Wednesday.
A potential deal would involve Iran committing to a moratorium on nuclear enrichment and the United States agreeing to lift sanctions, with both sides lifting restrictions on transit through the Strait of Hormuz, it said.
Still, crude oil futures rebounded materially after U.S. President Donald Trump threatened in a morning post to resume bombing Iran if Iran does not agree to U.S. terms to end the war. ■
