Oil prices pulled back from recent highs on Wednesday, erasing some of ​the previous day’s 4% 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.

Brent crude futures fell $1.42, or 1.43%, to $98.16 ​a barrel, while ⁠US West Texas Intermediate (WTI) crude lost $1.66, or 1.77%, ​to $92.23 a barrel.

Oil surged on Tuesday after the US ​military carried out new strikes in Iran, hurting hopes over the weekend that the United States and Iran would reach ​an agreement to end the war.

Iran said on ​Tuesday the United States had violated a ceasefire by striking targets ‌near ⁠the contested Strait of Hormuz, while the US said its strikes were defensive in nature.

Following an April ceasefire in the three-month-long conflict, both sides ​indicated they had ​made progress ⁠on talks toward reopening the Strait, a key conduit for global oil and gas ​flows. But rising hostilities now threaten those ​negotiations.

Israel ⁠ramped up bombing in Lebanon on Tuesday, further straining peace efforts.

Nevertheless, the news that some LNG tankers have passed ⁠through the ​strait in recent days lifted ​expectations that the waterway might reopen soon, which would add to ​global supply.