Oil prices mixed following Iran's nuclear commitment

04/07/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices showed a mixed performance on Friday, after Iran reaffirmed its commitment to nuclear non-proliferation. This also came amid expectations that the OPEC+ alliance will raise production by 411,000 barrels per day (bpd) in August.

 

Brent crude futures for August delivery slipped by 0.15%, or 10 cents, to $68.70 per barrel as of 8:05 a.m. Makkah time.

 

Meanwhile, US WTI crude futures for August delivery held steady at $66.98 per barrel.

 

US envoy Steve Witkoff is set to meet Iranian Foreign Minister Abbas Araghchi in Oslo next week to revive nuclear talks between the two countries. This marks the first direct contact since the strikes on Iran’s nuclear facilities, Axios reported, citing a White House official.

 

On Thursday, Araghchi said Iran remains committed to the Nuclear Non-Proliferation Treaty (NPT), just one day after Tehran passed a new law suspending cooperation with the International Atomic Energy Agency (IAEA).

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