WASHINGTON (dpa-AFX) - In an apparent response to President Donald Trump's move to suspend 'Project Freedom' citing progress in diplomatic talks with Iran to end the Middle East war, oil prices fell sharply Wednesday.
Brent crude fell below the $100 mark, and was trading below $98 a barrel after falling by nearly 11 percent while the US-traded WTI dropped by 11.42 percent to $90.
Even this is 40 percent higher than the pre-war levels.
Trump said on social media Tuesday that he is suspending 'Project Freedom,' an operation he announced to guide stranded ships through the Strait of Hormuz, claiming that 'Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran.'
Earlier, Axios reported quoting U.S. officials that the Trump administration has proposed a 14-point memorandum of understanding, outlining a framework for broader nuclear talks with Iran.
Key provisions include Iran suspending its nuclear enrichment program, U.S. lifting of sanctions on Tehran, and clearing the Strait of Hormuz for free shipping.
CNBC reported that Iran's foreign ministry is 'evaluating' the U.S. Government's proposal.
More than 1,500 vessels with about 22,500 mariners on board are trapped inside the Persian Gulf, according to the Pentagon.
Meanwhile, Secretary of State Marco Rubio said on Tuesday that the U.S. attacks against Iran are 'over' and that Washington had achieved its objectives.
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