Oil hits four-month low as U.S.-Iran talks drive market optimism

West Texas Intermediate crude dropped to $67.34 per barrel, sliding below the $67.50 threshold for the first time since the start of the conflict. Brent crude followed suit, settling at $70.39. Pakistan’s Ministry of Foreign Affairs confirmed that negotiators agreed to reconvene on July 18, following the funeral of former Iranian supreme leader Ali Khamenei. President Donald Trump signaled early support for the process, noting that denuclearization efforts were showing tangible momentum.

The cooling energy market coincides with signs of a decelerating U.S. labor sector. The Bureau of Labor Statistics reported only 57,000 new nonfarm payroll jobs for June, significantly missing the 115,000 forecast. With May’s figures also revised downward, the data suggests the Federal Reserve may temper its aggressive rate policy. Bitcoin responded to this improved risk sentiment, climbing to $61,542. Market participants are now focused on a critical technical resistance level at $62,500, where a long-standing descending trendline intersects with the 50% Fibonacci retracement. Whether the price can sustain this momentum depends heavily on the upcoming July diplomatic talks and further employment indicators.