$100 Brent breaks on Iran peace hopes

Brent crude slid below $100 a barrel on Wednesday after reports suggested the U.S. and Iran are nearing agreement on a one-page, 14-point memorandum aimed at ending the 67-day war. Brent was down as much as 12% intraday before hovering around $101, while WTI fell 7% to $95. The proposed framework would declare an end to hostilities and open a 30-day window to address nuclear demands, unfreeze Iranian assets and negotiate security in the Strait of Hormuz. A moratorium on uranium enrichment for more than 10 years is also said to be under discussion. Sentiment shifted later in the day after Trump told the New York Post it was "too soon" to plan a signing ceremony in Islamabad and warned strikes would resume "at a much higher level and intensity" if Iran does not agree. Both Brent and WTI pared part of their losses.