WTI drops to $88.53 as Reuters reports Iran may restore Hormuz traffic in one month

U.S. crude prices slid on Wednesday after WTI fell 5.7% to $88.53 a barrel by 8:33 a.m. ET, while Brent dropped about 4.7% to $94.91. The move followed a report that Iran has committed to return commercial traffic through the Strait of Hormuz to pre-war levels within one month of a framework agreement with the U.S.