Oil Drops 4% on Ceasefire Hopes in Middle East

Oil prices fell about 4% on Wednesday as hopes grew for a ceasefire in the Middle East.

Brent crude dropped to around $99.60 per barrel, while WTI fell to $88.81.

The decline follows reports of a 15-point US proposal to Iran aimed at ending the war.

Expectations of reopening the Strait of Hormuz also eased supply concerns.

However, tensions remain high with ongoing military exchanges.

Markets remain sensitive to geopolitical developments.