New Delhi, March 25 -- International oil prices declined around 5% on Wednesday morning amid hopes of a ceasefire in the war between the US-Israel and Iran, after the US president reiterated that talks are underway and reports suggested Washington has shared a 15-point plan to end the war.

Iran, however, has denied any direct negotiations with the US. US president Donald Trump on Tuesday said that vice president JD Vance and secretary of state Marco Rubio are leading negotiations with Iran. CNN reported that Iran is willing to listen to "sustainable" proposals to end the war.

At 8:15 AM, the May contract of benchmark Brent crude on the Intercontinental Exchange was trading at $98.87 per barrel, down 5.59% from its previous close. Simila...