New Delhi, May 27 -- Global oil prices fell over 1% on Wednesday as Iran-US peace talks continued and a fragile ceasefire largely held despite fresh US strikes in southern Iran.

Around 8:30 AM, the July contract of Brent on the Intercontinental Exchange was trading at $98.30 a barrel, down 1.29% from its previous close, while the July contract of West Texas Intermediate on the NYMEX fell 1.67% to $92.32 a barrel.

The Iranian foreign ministry denounced the US attack - aimed at missile launchers and efforts to lay fresh mines in the Strait of Hormuz - as "an act of bad faith" and "a definitive violation of the ceasefire", adding that it would not leave the aggression unanswered.

However, Tehran did not withdraw from the talks, which are ...