Crude prices dropped more than 2% on Friday as investors expect a boost in oil supply after the United States said it plans to engage in negotiations with Tehran over a potential return to the Iran nuclear deal.
The Biden administration informed the United Nations Security Council it decided to withdraw from reimposing sanctions against Iran, while Iranian Foreign Minister Mohammad Javad Zarif stressed Tehran is prepared to "immediately roll back all commitment reduction measures" after the sanctions removal.
West Texas Intermediate (WTI) for March settlement plunged 2.43% to sell for $59.05 per barrel at 6:20 am ET, while Brent for deliveries in April lost 1.83% at 6:35 am ET to go for $62.73 per barrel.
