Global oil prices fall, but Azerbaijani crude edges up

Oil prices declined on Thursday amid reports of a potential agreement between the United States and Iran on Tehran’s nuclear program. According to NBC News, Ali Shamkhani, a senior adviser to Iran’s Supreme Leader, said Tehran is ready to sign a deal if Washington lifts economic sanctions.

As of 09:10 Baku time, July futures for Brent crude on the London ICE Futures exchange had dropped by $1.51 (2.28%) to $64.58 per barrel. June futures for WTI on the NYMEX electronic trading platform fell by $1.40 (2.22%) to $61.75 per barrel.

The price drop reflects market expectations that a potential deal between the U.S. and Iran could ease recently tightened sanctions, disrupting the current balance of global oil supply and demand.

Meanwhile, the price of Azerbaijan’s Azeri Light crude rose by $0.13 or 0.19%, reaching $68.35 per barrel.