Market Reacts to OPEC+ Meeting and Iran's Commitment to NPT

Crude oil prices experienced a decline of more than 1% on Friday, extending losses from the previous day. This movement comes as the market anticipates the upcoming OPEC+ meeting, now rescheduled to Saturday, where discussions on potential output increases are expected to take center stage.

Iran's Stance and U.S. Response Influence Market Sentiment

Adding to the market's dynamics, Iran's Foreign Minister Abbas Araghchi reaffirmed Tehran's dedication to the Non-Proliferation Treaty (NPT), a move that has eased geopolitical tensions. Furthermore, U.S. President Donald Trump hinted at a possible dialogue with Iran, stating that the country is open to talks, which has contributed to the softening of oil prices.

Price Movements

West Texas Intermediate (WTI) for August's settlements saw a decrease of 1.13%, trading at $66.24 per barrel by 5:31 am ET. Similarly, Brent for September's deliveries dropped by 1.21%, reaching $67.98 per barrel at 5:32 am ET.