New Delhi [India], May 25 (ANI): Global crude oil prices tumbled sharply as Brent Crude prices dropped amid a potential US-Iran peace deal framework. At the time of filing, Brent Crude fell by 4.57 per cent to trade at USD 98.81 per barrel, while West Texas Intermediate (WTI) Crude Oil declined 4.68 per cent to USD 92.08 per barrel.

Earlier in a post on Truth Social on Saturday, US President Donald Trump stated that an agreement had been 'largely negotiated' between Tehran and Washington on the subject of finalisation of the deal between the two sides.

He said the United States is also engaged in discussions with leaders from several countries regarding efforts linked to peace and stability in the Gulf region, including issues concerning the Strait of Hormuz.

Iran agreed in principle to reopen the crucial Strait of Hormuz maritime chokepoint and dispose of its stockpile of highly enriched uranium as part of an evolving agreement with Washington, according to a CNN news report.

However, the exact mechanism for disposing of the stockpile is still to be determined, along with the duration of any moratorium on future uranium enrichment, CNN said, citing a senior US administration official.

The news report said that several components of the proposed arrangement remain under discussion, even as both sides continue efforts to finalise a broader framework.

The official further noted that sanctions relief and the unfreezing of Iranian assets would only be considered after Tehran ensures the reopening of the Strait and follows through on commitments related to curbs on its nuclear programme, CNN reported.

The specific financial value of any potential relief package has also not yet been decided.

This development comes moments after Trump said that Washington will not 'rush into a deal' with Iran to achieve a complete solution to the crisis in West Asia, asserting that the US 'blockade' on the ports of the Islamic Republic will remain in 'full force and effect' until a formal agreement is reached, certified, and signed between the two sides.

In a post on Truth Social, Trump criticised the earlier Iran nuclear agreement signed during the Obama administration, calling it 'one of the worst deals ever made' and blaming the then US President Barack Obama for what he described as a flawed framework that paved the way for Tehran to develop nuclear weapons capability.

Trump added that the current negotiations being pursued by his administration represent 'the exact opposite.'

He further stated that the discussions with Iran are continuing in an 'orderly and constructive manner,' but stressed that US negotiators have been instructed not to rush, stating that 'time is on our side.'

'One of the worst deals ever made by our Country was the Iran Nuclear Deal, put forth and signed into existence by Barack Hussein Obama and the rank amateurs of the Obama Administration. It was a direct path to Iran developing a Nuclear Weapon. Not so with the transaction currently being negotiated with Iran by the Trump Administration - THE EXACT OPPOSITE, in fact! The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side. The Blockade will remain in full force and effect until an agreement is reached, certified, and signed. Both sides must take their time and get it right,' the post read.

Trump, in his post, further claimed that US relations with Iran were becoming 'more professional and productive,' while reiterating that Tehran must not be allowed to develop or acquire nuclear weapons.

'There can be no mistakes! Our relationship with Iran is becoming a much more professional and productive one. They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb,' the post added. (ANI)