Iran and the P5+1 world powers are due to meet again from today until Friday in an attempt to thrash out a deal in which the Persian nation would scale back its nuclear program in return for an easing of international sanctions.
While an interim deal was close last time the sides met earlier this month, President Obama has lowered expectations about the chances of an agreement this week. Much skepticism exists in Congress - where there's a push to ratchet up the sanctions - and amongst the U.S.'s allies, particularly Israel, about the suggested terms of any settlement.
However, if the sides do come to an agreement, analysts have said that oil prices could slide at the prospect of an Iranian return to the market.
WTI is +0.3% to $94.18 and Brent is flat at $106.94.