Oil prices pulled back from recent highs, erasing some of the previous day’s 4 per cent gain as traders sought clarity on complex negotiations between Iran and the US after renewed hostilities set back efforts to reopen the Strait of Hormuz, reports Reuters.

Brent crude futures fell $1.42, or 1.43pc, to $98.16 a barrel as of 0253 GMT, while US West Texas Intermediate (WTI) crude lost $1.66, or 1.77pc, to $92.23 a barrel.