Oil prices retreat amid fresh scope of US-Iran peace talks; Brent crude at $98/bbl. Where are they headed?

US-Iran war: Oil prices retreated from recent highs on Wednesday, 27 May, giving up part of the previous session’s 4% rally as traders looked for more clarity on the complex Iran-US negotiations following renewed tensions that hindered efforts to reopen the Strait of Hormuz.

Brent crude futures declined by $1.42, or 1.43%, to $98.16 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.66, or 1.77%, to $92.23 per barrel.