Oil prices fall, Iran says nuclear talks with the US are constructive.

Oil prices have slightly declined, as there are signs of progress in the nuclear negotiations between the United States and Iran, weakening the risk premium in benchmark futures prices. WTI crude oil fell below $63 per barrel, after Iranian Foreign Minister Abbas Araghchi stated that the two countries had engaged in "serious, constructive" talks and reached a general consensus on a series of principles. Earlier, Iran had announced the closure of part of the Strait of Hormuz as part of a military exercise, which had previously pushed oil prices up. Influenced by multiple factors such as disrupted supply, geopolitical risks, and increased supply of sanctioned crude oil, crude oil prices have risen by nearly 10% so far this year. Despite futures prices mostly hovering in the $61 to $65 range this month, the outcome of intensive diplomatic efforts in the coming days or even hours may determine the future direction of oil prices.