Brent crude oil futures edged lower toward $67 per barrel on Wednesday, extending losses from recent sessions after encouraging US–Iran talks on the OPEC member’s nuclear program reduced the geopolitical risk premium. Iranian authorities said a “general agreement” had been reached with Washington on the outlines of a potential deal, while a US official indicated talks would resume in Geneva in two weeks with a new proposal. The diplomatic progress came despite ongoing military developments, with Iran announcing a temporary closure of part of the Strait of Hormuz for drills and the US deploying a second aircraft carrier. Markets also tracked US-mediated Ukraine-Russia negotiations in Geneva, with discussions continuing Wednesday. A potential resolution could ease sanctions and increase Russian oil flows to global markets.