Oil futures fell on Friday as geopolitical tensions in the Middle East eased and traders looked ahead to this weekend’s OPEC+ meeting, which is widely expected to sanction another supply increase. Brent for September settlement slipped 35 cents, or 0.51%, to $68.45 a barrel by 07:30 GMT, while U.S. West Texas Intermediate declined 25 cents to $66.75. Volumes were muted by the U.S. Independence Day holiday. Prices had jumped about 3% mid-week after Tehran suspended cooperation with the U.N. nuclear watchdog, but Foreign Minister Abbas Araqchi later said Iran remains bound by the Nuclear Non-Proliferation Treaty, and U.S. media reported plans for renewed nuclear talks—developments that removed part of the risk premium. Attention now turns to the OPEC+ alliance, which has moved its ministerial session to Saturday and is expected to ratify a 411,000-barrel-a-day increase in August, continuing the phased rollback of earlier curbs. A Reuters survey shows OPEC members already lifted June output by 270,000 b/d to 27.02 million b/d. Barclays, citing stronger demand, raised its 2025 Brent forecast by $6 to $72 a barrel, but analysts say near-term direction will depend on the cartel’s decision and the July 9 deadline for a possible resumption of higher U.S. tariffs on key trading partners.