Oil futures edged lower on Friday amid growing hopes that the United States and Iran could reach an agreement to extend the current ceasefire, The Caspian Post reports, citing Al Jazeera.

However, losses remained limited after comments from US Vice President JD Vance, who said the two sides were making progress but had not yet finalized a deal.

As of 01:05 GMT, Brent crude futures for July delivery fell by 35 cents, or 0.37 percent, to $93.36 per barrel. US West Texas Intermediate (WTI) crude futures declined by 63 cents, or 0.71 percent, to $88.27 per barrel.

Meanwhile, Brent crude futures for August delivery dropped 46 cents, or 0.50 percent, to $92.24 per barrel.