Oil prices fell on Friday after Iran confirmed its commitment to nuclear non-proliferation and amid expectations that major producers would agree to increase production this weekend, UNN reports with reference to Reuters.
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Brent crude futures fell 35 cents, or 0.51%, to $68.45 a barrel by 07:30 GMT (10:30 Kyiv time), while U.S. West Texas Intermediate crude fell 25 cents, or 0.37%, to $66.75.
Trading was subdued due to the U.S. Independence Day holiday.
U.S. news website Axios reported on Thursday that the U.S. plans to meet with Iran next week to resume nuclear talks, while Iranian Foreign Minister Abbas Araghchi said Tehran remained committed to the Nuclear Non-Proliferation Treaty.
"Thursday's news that the U.S. is preparing to resume nuclear talks with Iran and Araghchi's clarification that cooperation with the UN atomic agency has not been suspended significantly reduce the threat of a new outbreak of hostilities," said Vandana Hari, founder of oil market analysis company Vanda Insights.
Araghchi's comments came a day after Tehran passed a law suspending cooperation with the UN nuclear watchdog, the International Atomic Energy Agency.
"But price adjustments may be delayed until Monday, when the U.S. resumes work after a long weekend and OPEC+ makes a decision on Sunday, which is likely to lead to an increase in the target of 411,000 barrels per day in August," Hari said.
OPEC+, the world's largest group of oil producers, is set to announce an increase in production of 411,000 barrels per day in August, seeking to regain market share, four delegates from the group told Reuters.
Meanwhile, uncertainty over U.S. customs policy has resurfaced as the 90-day pause in tariff increases approaches its end.
Washington will begin sending letters to countries on Friday specifying the tariff rates they will have to apply to goods shipped to the United States, a clear departure from previous promises to conclude many separate trade deals, the publication writes.
U.S. President Donald Trump told reporters before leaving for Iowa on Thursday that letters would be sent to 10 countries simultaneously, specifying tariff rates of 20% to 30%.
Trump's 90-day pause in U.S. tariff increases ends on July 9, and several major trading partners have yet to conclude trade agreements, including the European Union and Japan.
The U.S. on Thursday sanctioned a network involved in smuggling Iranian oil disguised as Iraqi oil, and a financial institution controlled by Hezbollah, the Treasury Department said.
However, Saudi Arabian Defense Minister Prince Khalid bin Salman met with President Trump and other officials at the White House to discuss de-escalation efforts with Iran, media reported.
Trump also said on Thursday that he would meet with Iranian officials "as needed."
Separately, Barclays said it raised its Brent crude price forecast by $6 to $72 a barrel for 2025 and by $10 to $70 a barrel for 2026 due to improved demand prospects.