Oil falls over 1% as Iran-US talks continue despite fresh American strikes

Global oil prices fell over 1% on Wednesday as Iran-US peace talks continued and a fragile ceasefire largely held despite fresh US strikes in southern Iran.

Around 8:30 AM, the July contract of Brent on the Intercontinental Exchange was trading at $98.30 a barrel, down 1.29% from its previous close, while the July contract of West Texas Intermediate on the NYMEX fell 1.67% to $92.32 a barrel.