Brent crude oil futures fell around 3% to $96.6 per barrel on Wednesday, near a five-week low, as optimism grew that the US and Iran could reach a peace agreement despite ongoing hostilities. US Secretary of State Marco Rubio said a potential deal may still take several days to finalize. At the same time, US forces struck targets near the strait, while Iran’s Revolutionary Guard claimed it fired at multiple US aircraft entering Iranian airspace. The vital waterway, which normally handles about 20% of global oil and LNG flows, remains effectively closed amid blockades by both sides. Still, two non-Iranian supertankers managed to leave the chokepoint on Tuesday, marking the first significant movement of unrestricted crude in a week.