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[US-Iran Ceasefire Expectations Weigh on Market, Brent Crude at Six-Week Low] 1. Crude oil futures prices fell slightly in early Asian trading on Friday, mainly influenced by news that the US and Iran might extend the ceasefire agreement. However, US Vice President Vance stated that the two sides were "close" to an agreement but "not yet" provided some support for oil prices. 2. July Brent crude futures fell as much as 1.2% to $92.56 per barrel, a new low since April 22; the more actively traded August Brent crude futures also fell about 1% to $91.61 per barrel. US crude futures fell as much as 1.8% to $87.37 per barrel. 3. Oil prices have fallen more than 8% this week, with US crude touching a low of $87.11, while last week's high was $109.47. Oil prices have fluctuated wildly in recent trading days, with the daily range of the two major benchmark crudes reaching as high as $6, mainly due to differing market signals regarding a possible end to the Iranian conflict and the possible reopening of the Strait of Hormuz. Currently, traffic volume in the Strait of Hormuz remains only a fraction of pre-war levels. 4. Sources revealed that the US and Iran reached an agreement on Thursday to extend the ceasefire and lift shipping restrictions in the strait; however, US President Trump has not yet formally approved the agreement, and Iranian state media also stated that the agreement has not been finalized. 5. US Vice President Vance told reporters that Washington and Iran "have not yet reached" an agreement, but are close to achieving their goals, adding that the US currently possesses the capability to significantly weaken Tehran's nuclear program. Several disagreements remain in negotiations with Iran, primarily focusing on Iran's highly enriched uranium stockpile and the issue of uranium enrichment. "I cannot guarantee that we will definitely reach an agreement, but for now, I feel quite good about it."