Oil prices fell sharply on Wednesday, reaching their lowest levels in two weeks, after reports emerged that the United States and Iran are close to a preliminary agreement to end the Middle East conflict, CNBC reports, according to News.ro.

Brent crude fell more than 7% to around $102 a barrel, after briefly falling below $100 for the first time since April 22. US WTI crude fell more than 6.5% to around $95.5 a barrel.

According to Reuters, a Pakistani official involved in the mediation said that Washington and Tehran were close to a one-page memorandum of understanding. Iran confirmed that it was reviewing the new US proposal and was due to send a response through Pakistan.

Axios also reported that the US administration is expecting Iran to respond to several key points of the deal in the next 48 hours, the closest it has come to an agreement since the start of the war.

The decline in prices was limited after President Donald Trump said it was “too early” for direct talks with Tehran, and an Iranian lawmaker described the US proposal as “more of a wish list than a reality”.

The oil market has been supported in recent months by severe disruptions in the Strait of Hormuz, a route through which about 20% of global oil and gas exports pass. The conflict has led to a reduction in maritime traffic and a decrease in global oil and fuel stocks.

Data released Wednesday by the U.S. Energy Information Administration showed that U.S. crude inventories fell by 2.3 million barrels last week to 457.2 million barrels, amid high demand and supply difficulties caused by the conflict.