The prices of oil futures declined on Wednesday, with West Texas Intermediate (WTI) falling more than 7% and slipping below the $95 mark after reports that Iran and the US were getting close to a one-page memo to end the war. US officials are said to be expecting Iran’s response to several key points in the next 48 hours, which will see both sides lifting restrictions around transit through the Strait of Hormuz. Also, Tehran will cease nuclear enrichment for over a decade in exchange for the US lifting sanctions and releasing billions in Iranian frozen assets. West Texas Intermediate (WTI) for settlements in June fell by 7.46% at 5:21 am ET to $94.64 per barrel. Meanwhile, Brent for July’s deliveries went down by 6.56% to $102.66.