Oil prices fall more than 5% after Rubio says U.S. will give Iran talks 'every chance to succeed'

U.S. crude oil prices dropped about 5% Wednesday after reports that Iran would restore Strait of Hormuz traffic to prewar levels within one month as part of a framework deal with the U.S., with West Texas Intermediate futures falling to $89.55 per barrel. According to Iranian state television, the deal would involve Iran managing ship traffic through Hormuz with Oman's cooperation while U.S. military forces withdraw from the region and lift the naval blockade. However, industry experts remain skeptical, with Abu Dhabi National Oil Company's head warning it would take at least four months to restore 80% of normal oil flows and until 2027 for complete normalization even if the conflict ends immediately.