LONDON, May 27 : Oil prices fell by more than 3 per cent on Wednesday as traders weighed up progress in U.S.-Iran peace talks and renewed hostilities.Brent crude futures fell $3.11, or 3.12 per cent, to $96.47 a barrel as of 0913 GMT, while U.S. West Texas Intermediate (WTI) crude lost $3.64, or 3.88 per cent

Oil prices slid on optimism that the US and Iran were moving closer towards a peace deal, even though they remained at odds over key issues.

Oil prices have dropped significantly as markets react to potential peace talks between the United States and Iran. Asian stock markets saw early gains on Monday. President Donald…

Analysts urge caution as US and Iran remain divided on key issues