The bias could be towards the downside, as a wave C from the April 6 high of $60.90 looks incomplete. It is expected to travel below the March 23 low of $57.25.
"If a fulsome framework can be crafted in the coming weeks, significant quantities of Iranian oil will likely hit the market in H2 2021," RBC Capital analyst Helima Croft said in a note this week.
Stephen Innes, chief global markets strategist at Axi, said oil prices are expected to trade in a range between $60 and $70 as investors weigh these factors.
Brent crude futures lost 21 cents, or 0.3pc, to $62.53 a barrel by 11:15 a.m. EDT (1515 GMT) while U.S. West Texas Intermediate crude fell 25 cents, or 0.4pc, to $59.08.
Goldman Sachs said any potential recovery in Iranian oil exports would not be a shock to the market, and full recovery would not occur until summer 2022.