Oil prices plunged Wednesday on rekindled hopes for progress in US-Iran talks aimed at ending the war in the Middle East.

Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92.

Peace talks between the US and Iran could lead to a significant drop in oil prices, impacting global fuel costs. Learn how the Strait of Hormuz reopening a

Crude oil futures dip amid cautious market response to US-Iran deal negotiations, signaling potential impact on global oil supply.

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