Oil prices dropped in both London and New York trading, erasing part of their weekly gains, following a report from Axios indicating that Iran has responded to U.S. revisions of a potential peace agreement, though specific details were not disclosed.
Brent crude futures for July delivery on the London market fell approximately 0.2% to around $110 per barrel. The decline came after an Axios journalist stated that Tehran had submitted its response to the United States through Pakistani mediators. Meanwhile, West Texas Intermediate (WTI) crude futures declined by 2.1% to about $103 per barrel, with trading volume noticeably lower.
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