Brent crude fell 2% to $97.35/bbl and WTI dropped 2.1% to $90.98/bbl amid US blockade of Iranian ports.
US Vice President JD Vance said ceasefire talks show progress but urged Iran to reopen Strait of Hormuz and halt enrichment.
MarineTraffic data shows most vessels avoiding Hormuz after blockade, with only a few tankers passing in past two days.
Oil had recorded March gains as the US‑Israel‑Iran conflict disrupted about 20% of global supply, but ceasefire held Tuesday with no strikes.