Reports reaching eyeonthenews.news say oil prices abruptly reversed course on Thursday afternoon, turning from gains to losses, when the news broke out that the US and Iran may be only hours away from announcing terms for peace negotiations.

According to Yahoo finance, futures on Brent crude (BZ=F), the international benchmark, fell 2.6% to trade around $102.30 per barrel after gaining as much as 3.5% before the news broke.

Those on US benchmark WTI crude (CL=F) fell 2.5% to trade below $96 after rising as much as 4% earlier in the session.

It was gathered that the US and Iran have reached an agreement, mediated by Pakistan, that includes a full ceasefire, including any targeting of infrastructure: “freedom of navigation” in the Persian Gulf and Strait of Hormuz.

Another report from the Iranian Semi-Official News Agency (ILNA), further said there would be a gradual lifting of economic sanctions on Iran.

From the look of things, Petrol pump prices would be reduced gradually across the globe, while travel restrictions in the Middle East are expected to ease with time.