Global crude oil prices fell slightly as optimism grew over a possible extension of the ceasefire between the United States and Iran. The decline was limited, with market movements slowing after comments from US Vice President JD Vance, who said that while both countries were close to an understanding, no final agreement had yet been reached.

On Friday, Brent crude for July delivery dropped by 35 cents, or 0.37 percent, to 93.36 dollars per barrel. US West Texas Intermediate (WTI) crude fell by 63 cents, or 0.71 percent, to 88.27 dollars per barrel. Brent crude for August delivery also decreased by 46 cents, or 0.50 percent, to 92.24 dollars per barrel.

The modest price decline reflects cautious market sentiment as traders await confirmation of any formal ceasefire deal between Washington and Tehran, which could influence future oil supply expectations.