Hedge funds boosted their bullish position on Brent crude by the most since early April as fading prospects for a quick US-Iran nuclear deal raised expectations that the OPEC member’s flows may be curtailed.

Depending on who you ask, a nuclear agreement between Iran and the United states is either a non-starter or almost a done deal.

Crude oil prices extended their losses following reports that OPEC+ is considering a further production increase in July, ahead of US-Iran nuclear talks later today. Oil markets remain caught between escalating geopolitical tensions and persistent concerns over a potential oversupply.

Iran’s top diplomat has warned that his country would take “special measures” to defend its nuclear facilities if Israel continues to threaten them, raising the stakes further ahead of a new round of

Iran and the United States made “some but not conclusive progress” Friday in a fifth round of negotiations in Rome over Tehran's rapidly advancing nuclear program, the talks' Omani mediator said.