The price of oil dropped sharply on Wednesday after reports that the US and Iran could be close to agreeing on a deal to end the war. WTI oil, the US benchmark, was down 9.5% just before 6:30 a.m. ET to trade at $92.

Oil prices have dropped and global stock markets have risen following reports that the US and Iran are close to a deal to end the war. Brent crude futures, the global benchmark oil price, fell to below $100 (£73) a barrel after the reports.

Oil prices jumped as traders assessed the potential for the Iran war to flare up again after the UAE said it was attacked with missiles launched by Iran.

Oil prices extended declines on Wednesday, slumping to two-week lows after ‌Axios reported that Washington believed it was close to a one-page framework agreement with Iran to end the war.

Fox News senior national correspondent Rich Edson has the latest on President Donald Trump's actions in the Middle East on 'Special Report.'

Drivers across the Philadelphia region say rising gas prices are becoming increasingly difficult to manage, as tensions involving Iran continue to disrupt global oil markets and raise concerns about future supply.

Top US officials affirm that the ceasefire with Iran is ongoing as tensions over the Strait of Hormuz mount. Follow for live updates.

Crude prices sink after Axios reports that the U.S. and Iran are closing in on a one-page memo to end the war.