Oil futures edged lower after Iranian Foreign Minister Abbas Araqchi reaffirmed Tehran’s commitment to the nuclear Non-Proliferation Treaty.
Brent crude slipped 0.51% to $68.45 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 0.37% to $66.75.
Vandana Hari, founder of oil market analysis firm Vanda Insights, commented: 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.
Earlier this week, Tehran enacted a law suspending cooperation with the UN’s nuclear watchdog, the International Atomic Energy Agency. Despite this, Vandana Hari, founder of Vanda Insights, noted that a significant oil price correction “may have to wait till Monday,” when U.S. markets reopen after the long weekend and respond to the upcoming OPEC+ decision on Sunday.
OPEC+, the alliance of major oil-producing nations, is widely expected to announce an increase of 411,000 barrels per day in production for August.
