Oil Plummets 9% on Reports of Deal to End Iran War

Oil prices collapsed on Wednesday as markets continued to digest reports that the U.S. and Iran were discussing a one-page memorandum designed to pause the conflict and create a framework for broader negotiations. Brent crude was down 8.58%, to trade at $100.4 per barrel on Wednesday at 6:40 a.m. ET, while WTI was down 9.82%, to trade at $92.23. Markets are now effectively betting that Washington cannot sustain an open-ended confrontation with Iran if elevated oil prices continue spilling deeper into consumer prices, credit markets and transportation…