Oil Prices Decline As Supply Worries Ease

Benchmark Brent crude futures fell nearly 1 percent to $67.40 a barrel while WTI crude futures were down a little over 1 percent at $62.90.

Immediate fears of a conflict in the Middle East subsided after Iran and the U.S. pledged to continue nuclear talks, following what both sides described as a cautious step forward.

“We all believe that diplomacy and defense are two sides of the same coin, which proceed in coordination, with the utmost intelligence, and in accordance with the orders and directives of the Leader of the Revolution,” Iranian Parliament Speaker Mohammad-Baqer Qalibaf said at a session of Parliament today.

Meanwhile, media reports suggest that Iranian security forces have launched a campaign to arrest figures within the country’s reformist movement, which seeks to change Iran’s theocracy from inside.

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