The price of oil dipped below $100 per barrel on Wednesday after President Donald Trump said talksto end the war with Iran are in their final stages, CNBC reported.
After the announcement, West Texas Intermediate futures had oil set at just over $97 per barrel.
This is not the first report from Trump hinting at the end of war. It has been ongoing for nearly three months.
Oil prices increased after Iran blocked the Strait of Hormuz, a crucial trade route. The route was open before Israel and the U.S. attacked Iran.
