US-Iran war, May 27 -- Oil prices retreated from recent highs on Wednesday, 27 May, giving up part of the previous session's 4% rally as traders looked for more clarity on the complex Iran-US negotiations following renewed tensions that hindered efforts to reopen the Strait of Hormuz.

Brent crude futures declined by $1.42, or 1.43%, to $98.16 per barrel, while US West Texas Intermediate (WTI) crude dropped $1.66, or 1.77%, to $92.23 per barrel.

Back home, crude oil prices on Multi Commodity Exchange (MCX) also witnessed a downward movement, tracking global prices. MCX crude oil prices fell over 2% to Rs.8,840 per barrel.

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