Commodity poised for one of biggest monthly declines, while global stock markets rally

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…

Oil prices fell as traders focused on hopes for a U.S.-Iran deal despite continued hostilities, tight inventories, and the effective closure of the Strait of Hormuz.