1
A man walks past a banner depicting Iran’s current supreme leader Ayatollah Mojtaba Khamenei along a street Tehran on May 6, 2026.
AFP | Getty Images
U.S. crude oil prices fell about 6% Wednesday on a report Iran would restore traffic through the Strait of Hormuz as part of a framework deal with the U.S.
West Texas Intermediate futures tumbled 5.7% to $88.53 per barrel by 8:33 a.m. ET. International benchmark Brent crude oil slid about 4.7% to $94.91.
Tehran has committed to restore commercial traffic through Hormuz to pre-war levels within one month of an agreement with the U.S., according to a Reuters report citing Iranian state TV.
This is a developing story. Please check back for updates.
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
