Oil Prices Fall as Traders Bet on U.S.-Iran Deal

Oil prices dropped by 2% early on Wednesday as hopes of a U.S.-Iran deal outweighed concerns about rapidly drawing inventories amid the still closed Strait of Hormuz and fresh U.S.-Iran hostilities. As of early Wednesday trade in Europe, WTI Crude prices, the U.S. benchmark, down by more than 3% at $90.97 per barrel. The international benchmark, Brent Crude, had fallen 2.61% to $96.98, remaining below the $100 a barrel mark for the third consecutive day. Traders and speculators appear hopeful, again, that the United States and Iran could be close…