Reports of progress in US-Iran negotiations weigh on crude markets amid expectations of eased supply constraints.
Oil prices fell on reports that the US and Iran are nearing a diplomatic agreement, potentially easing sanctions on Iranian crude exports. Brent crude dropped 1.8% to USD 82.30 a barrel, while WTI slipped 1.6% to USD 78.10.
The talks follow months of stalled negotiations, with prior rounds failing to yield significant breakthroughs. Iran currently exports around 1.5 million barrels per day, largely bypassing sanctions, but a formal deal could add up to 500,000 barrels to global supply.
Markets remain cautious as details of the agreement remain undisclosed, with traders monitoring geopolitical developments closely.