0736 GMT – Oil prices edge higher in early trade, but remain on track for steep weekly losses as the geopolitical risk premium tied to Middle East tensions fades. Brent crude rises 0.8% to $67.21 a barrel, while WTI gains 0.8% to $65.77 a barrel. The benchmarks are down between 11% and 12% for the week after days of heightened volatility. “The estimated geopolitical risk premium in the spot market has now fallen to below $1 a barrel from its Sunday peak of near $15,” analysts at Goldman Sachs say. Market focus has now shifted toward developments in U.S.-Iran nuclear talks and trade negotiations. Key decisions loom, with negotiations between Washington and Tehran expected to resume next week, OPEC+ set to decide on August production policy on July 6, and President Trump facing a decision on reciprocal tariffs. (giulia.petroni@wsj.com)

Oil Edges Higher Amid Positive Sentiment

0005 GMT — Oil edges higher in the early Asian session amid positive sentiment spurred by Wall Street’s overnight gains. However, supply “looseness should return past summer seasonal strength as beneath the surface, multiple bearish factors are aligning for late 3Q,” Citi Research’s Francesco Martoccia says in a research report. These factors include global refinery throughputs that are poised to decline by more than 1.5 million barrels a day between August and September, the analyst says. Front-month WTI crude oil futures are up 0.2% at $65.37/bbl; front-month Brent crude oil futures are 0.2% higher at $67.84/bbl. (ronnie.harui@wsj.com)