The front-month (Sep’25) Brent futures contract eased from $68.76/bbl at 08:55 BST to $67.85/bbl at 10:30 BST. Price action saw more support at this level and ticked up to $68.18/bbl at the time of writing (11:45 BST). Iran remains committed to the Nuclear Non-Proliferation Treaty, per Iranian Foreign Minister Abbas Araghchi. US news website Axios has since reported that the US was planning to meet with Iran next week to restart nuclear negotiations. Moreover, Saudi Arabian Defence Minister Prince Khalid Bin Salman reportedly met with US President Donald Trump, alongside other White House officials, to discuss de-escalation efforts in Iran. In other news, the market is largely expecting OPEC+ to announce a fourth consecutive “accelerated hike” of 411kb/d in production for August 2025 in its meeting on Saturday. Instead, uncertainty in the market arises over Saudi Arabia’s expected August official selling price (OSP) announcement, which is speculated to be announced this weekend, and the upcoming 9 July deadline for US trading partners to strike deals on tariffs. So far, the Trump administration has managed to strike deals with Britain and Vietnam. Finally, at the time of writing, the Sep/Oct’25 and Sep/Mar’26 Brent futures spreads stand at $1.05/bbl and $2.66/bbl, respectively.
