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Iranian and US negotiators have completed a draft agreement on temporarily easing sanctions against Iranian oil exports during talks in Switzerland, contingent on resolving the Lebanon conflict.
Oil prices edged higher on Friday despite week-long losses as geopolitical uncertainty clouds prospects for a lasting US-Iran peace agreement, with escalating Israeli military operations in Lebanon adding fresh concerns.
Oil prices fell over 2% on Thursday after the US and Iran signed an interim ceasefire agreement that promises to reopen the Strait of Hormuz and lift American sanctions on Tehran's crude exports, easing supply concerns.