Oil prices are dropping after Iran said it sent its latest response to the proposal to end the war with the U.S. and Israel.
Concretely, the U.S. benchmark, the West Texas Intermediate, fell almost 5% at 10:20 a.m. ET and dropped below $100 a barrel.
Brent crude oil, the international benchmark, fell more than 3% at around the same time and clocked in at around $107.
Iranian state-run media agency IRNA reported on Friday that Tehran sent the response to negotiations to Pakistani mediators. It did not provide additional details about its content.
It is unclear whether the development could signify progress towards the end of the war. Another report noted that Iran is using the ceasefire to retrieve missiles and other weapons buried underground during hostilities.
Citing people familiar with the matter, NBC News detailed that Tehran is looking to rebuild its military capabilities should hostilities resume. The ceasefire does not have a deadline even though negotiations are deadlocked.
U.S. Central Command (CENTCOM) commander, Admiral Brad Cooper, was scheduled to brief Trump and members of his national security team on options to break the standstill, including a "short and powerful" military action. The president is expected to make a decision in the following days.
The U.S. military is also considering sending a hypersonic missile to the Middle East, according to another report. CENTCOM made the request after determining that Iran has moved missile launchers out of the range of its Precision Strike missile, a person familiar with the matter told Bloomberg.
The New York Post noted that, should the request be approved, it would be the first time the U.S. deploys a hypersonic missile, which has not yet been declared as fully operational.
Trump is also facing a deadline at the domestic level, as Friday marks the 60-day period under the War Powers Resolution related to military action in the war.
CNBC noted that, under the law, a president must withdraw troops within 60 days of notifying Congress of their deployment unless lawmakers authorize an extended presence, something that has not happened.
However, the administration said that the ceasefire announced in early April meant the war was "terminated" and would allow it to resume hostilities without resorting to Congress.
"For War Powers Resolution purposes, the hostilities that began on Saturday, February 28, have terminated," an official told MS Now.
