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 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.'

Oil is off to a volatile start to the week on a disputed report of a strike on a U.S. Navy ship in the Strait of Hormuz.

U.S. stocks fell from their record heights, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran

Oil prices edged lower in early Wednesday trade in Asia after US President Donald Trump raised hopes for an agreement with Iran to end the war. Trump said the US would pause its operation to guide ships through the key Strait of Hormuz trade route - a move that triggered an escalation in attacks in the region - to see if a deal could be made.

Global oil prices surpassed $114 per barrel on Monday after Iran ramped up attacks on energy facilities and ships in the Middle East.

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.