Crude oil prices dropped over 1% on Friday, hitting a low of $66.54, after Axios reported that a White House envoy plans to meet with Iran’s foreign minister in Oslo next week to resume nuclear negotiations.
The prospective diplomatic talks follow President Trump’s recent order for military strikes on Iran’s nuclear facilities. According to the report, U.S. envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araghchi, though official confirmation from either side has yet to be issued.
Oil markets responded to the development, as the resumption of nuclear discussions could pave the way for easing sanctions on Iranian oil exports. With Iran possessing some of the world’s largest proven oil reserves, the return of its crude to global markets would likely increase supply and put downward pressure on prices.
If confirmed, this meeting would represent the first direct U.S.-Iran engagement since the recent 12-day conflict between Iran and Israel, which ended under a U.S.-brokered ceasefire. Sources cited by Axios noted that Witkoff and Araghchi remained in direct communication during and after the conflict.
One of the primary issues expected to be addressed in any upcoming negotiations is Iran’s stockpile of highly enriched uranium. Reports indicate the country has accumulated 400 kilograms enriched to 60% purity, nearing the 90% threshold needed for weapons-grade material.
Mediators from Oman and Qatar are said to be facilitating dialogue between the U.S. and Iran. While Tehran was initially resistant to engaging with Washington following last month’s strikes, sources suggest Iran’s stance has gradually become more flexible.
