Oil prices fall 4% after Rubio says U.S. will give Iran talks ‘every chance to succeed’

Oil prices fell Wednesday after Secretary of State Marco Rubio said the U.S. will give talks with Iran “every chance to succeed.”

West Texas Intermediate

 futures tumbled 4.12% to $90.02 per barrel by 1:10 p.m. ET. International benchmark Brent

 oil slid 3.82% to $95.78 per barrel.

Speaking at a White House Cabinet meeting, Rubio said talks with Iran have made some progress. President Donald Trump prefers diplomacy but has other options available if that doesn’t work, Rubio said, in likely a reference to renewed military strikes.

“The bottom line is that we prefer the negotiated diplomatic route and we’re going to give it every chance to succeed,” the Secretary of State said.

Trump said he will not allow Iran to control Strait of Hormuz, as part of a deal. About 20% of the world’s oil supplies passed through Hormuz before the war.