Brent crude fell more than 3% Wednesday as reports of a draft framework agreement competed with fresh U.S. military action near the Strait of Hormuz

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

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