Brent oil prices fall below $100 amid reports U.S., Iran nearing deal to end war in Oil & Companies News 07/05/2026 extended losses on Wednesday, sinking back below $100 a barrel, as traders took note of renewed hopes for a peace agreement between the U.S. and Iran. As of 07:13 ET (11:13 GMT), , the global crude benchmark, expiring in July had fallen 11.2% to $97.56 per barrel, while U.S. West Texas Intermediate (WTI) crude futures slipped 12.1% to $89.91 per barrel. Oil prices were already trading lower at the start of the day. Both contracts settled nearly 4% lower in the previous session. Iran’s paramilitary Revolutionary Guards Navy has reportedly said that safe and stable transit of the Strait of Hormuz will be possible, further bolstering fresh hopes for an imminent peace deal. Citing Iranian state media, Reuters reported that the comment came after what the Revoluationary Guards described as the end of “threats from aggressors.” U.S. President Donald Trump said on Tuesday that Washington would pause an operation aimed at restoring commercial shipping through the Strait of Hormuz, raising hopes for a diplomatic breakthrough with Iran. “We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Trump wrote in a social media post. The pause follows heightened tensions earlier this week, when Trump’s “Project Freedom” initiative to secure maritime traffic through the strait triggered a military response from Iran. “A deal that normalises oil flows through the Strait of Hormuz is crucial,” ING analysts said in a note. “Roughly 13 million barrels per day of disrupted supply is being largely offset by inventory, which is clearly declining rapidly. This leaves the market more vulnerable with each passing day. Tighter stocks will only leave the oil market trading