(Reuters) - Oil prices fell on Friday and were on track for a weekly decline after the United States and Iran extended talks over the OPEC member's nuclear programme, easing concerns about potential hostilities that could disrupt supply.
Brent crude futures lost 28 cents, or 0.4%, to $70.47 a barrel. WTI futures fell 29 cents, or 0.44%, to $64.92.
For the week, Brent was heading for a 1.8% decline, while WTI was set to fall around 2.2%, reversing some of the previous week's gains.
The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after U.S. President Donald Trump ordered a military build-up in the region.
During the talks, oil prices gained more than a dollar a barrel after media reports indicated the discussions had stalled over U S insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60% enriched uranium to the United States.
However, prices eased after the Omani mediator said the two sides had made progress in their talks.
They plan to resume negotiations with technical-level discussions scheduled to take place next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said in a post on X after the meetings in Geneva.
"While this initially allayed concerns of imminent U.S. military action, it leaves little time to reach a deal before President Trump’s deadline of 1–6 March," said Daniel Hynes, an analyst at ANZ.