Oil Prices Ease on Iran’s Diplomatic Recommitment and OPEC+ Signals

Oil prices edged lower today—Brent crude slipped to $68.58/barrel, while WTI held near $66.88—on fresh developments in energy markets. Iran reaffirmed its commitment to the nuclear Non‑Proliferation Treaty, dampening fears of supply disruptions. Meanwhile, reports indicated OPEC+ plans to increase output by approximately 411,000 barrels/day in August.

These dynamics signal a softening in geopolitical risk premiums. Limited holiday trading in U.S. markets also contributed to the subdued movement. Anticipation now shifts to the next OPEC+ meeting, where output decisions will reflect demand expectations and existing supply trends. Analysts note that while the diplomatic clarity eases near-term worries, U.S. trade tensions and broader policy uncertainty could still feed into oil market volatility.