Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
Brent crude futures were down 22 cents, or 0.32%, to $68.58 a barrel by 0445 GMT, while U.S. West Texas Intermediate crude fell 12 cents, or 0.18%, to $66.88.
Trade was thinned by the U.S. Independence Day holiday.
U.S. news website Axios reported on Thursday that the U.S. was planning to meet with Iran next week to restart nuclear talk, while Iran Foreign Minister Abbas Araqchi said Tehran remains committed to the nuclear Non-Proliferation Treaty.
"Thursday's news that the U.S. is preparing to resume nuclear talks with Iran, and Araqchi’s clarification that cooperation with the U.N. atomic agency has not been halted considerably eases the threat of a fresh outbreak of hostilities," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Araqchi's comments came a day after Tehran enacted a law suspending cooperation with the U.N. nuclear watchdog, the International Atomic Energy Agency (IAEA).
"But the price correction may have to wait till Monday, when the U.S. reopens from a long weekend and takes in Sunday's OPEC+ decision, which is likely to be another 411,000 barrels per day target hike in August," Hari said.
OPEC+, the world's largest group of oil producers, is set to announce an increase of 411,000 bpd in production for August as it looks to regain market share, four delegates from the group told Reuters.
Meanwhile, uncertainty over U.S. tariff policies was renewed as the end of a 90-day pause on higher levy rates approaches.
Washington will start sending letters to countries on Friday specifying what tariff rates they will face on goods sent to the United States, a clear shift from earlier pledges to strike scores of individual trade deals.
President Donald Trump told reporters before departing for Iowa on Thursday that letters would be sent to 10 countries at a time, laying out tariff rates of 20% to 30%.
Trump's 90-day pause on higher U.S. tariffs ends on 9 July, and several large trading partners have yet to clinch trade deals, including the European Union and Japan.
The U.S. imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said.
Saudi Arabian Defense Minister Prince Khalid bin Salman met with President Trump and other officials at The White House, however, to discuss de-escalation efforts with Iran, media reports said.
Trump also said on Thursday that he would meet with representatives of Iran "if necessary".
Separately, Barclays said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand.
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As the Ukraine war is highlighted by some leaders during the United Nations' 81st General Assembly meeting in New York, Russian forces attacked the Ukrainian capital Kyiv early on Thursday with ballistic missiles, killing two people and injuring six, Mayor Vitali Klitschko said.
U.S. Secretary of State Marco Rubio is set to meet Russian Foreign Minister Sergey Lavrov in New York on Wednesday, as Washington pushes for an end to the war in Ukraine and Kyiv and Moscow continue to strike energy infrastructure.
U.S. President Donald Trump is addressing the UN General Assembly as world leaders gather in New York for the 81st session. Conflicts in the Middle East and Ukraine, global security and diplomacy set to dominate the event.
Shipping traffic through the Strait of Hormuz remained low on Thursday, as Iran reiterated that it will neither enter into new negotiations with the United States nor re-open the Strait as long as its conditions are not met, despite recent indirect talks in New York mediated by Qatar.
U.S. President Donald Trump said his team held a three-hour meeting with an Iranian delegation in New York that he described as “very good” and “productive”, with another round of talks scheduled soon.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
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