Oil prices fell significantly on Thursday, and the United States and Iran may soon reach a deal for Tehran's nuclear program.

International benchmarks Brent Crude oil futures due in July were last valuated at 3.6% at $63.67 per barrel, while we West Texas Intermediate Futures were $60.64, and the conference fell 4%.

U.S. President Donald Trump spoke in Doha during his trip to the Middle East in Katar that the United States is approaching a nuclear deal with Iran.

"We are in serious negotiations for a long-term peaceful manner with Iran," Trump said.

His comments came soon after the OPEC producers were ready to sign a nuclear deal on certain conditions in exchange for lifting economic sanctions after senior adviser to Iran’s top leader told NBC News.

The prospects of the U.S.-Iran nuclear deal are expected to have a profound impact on the oil market.

"The overnight development of the nuclear deal overnight is the only reason for its weakness in the morning. If an agreement is reached, Iran agrees to stop the weapon-rich uranium grade and effectively executes the deal, which is hard to believe, then the Persian Gulf countries may export up to 1 (million barrels) (one million barrels per day).

"It sounds negative, but the OPEC+ impact may mitigate its impact so that plans to release it back to the market faster than initially planned," he added.

OPEC and non-OPEC partners are an influential energy alliance, OPEC+, which has raised supply in recent months, surprising the market.

Under Saudi Arabia's leadership, the group agreed in early May to increase output by another 411,000 barrels per day in June. The move comes a month after OPEC+ agreed to increase production in May.

In the years since Trump evacuated the Iran nuclear deal in 2018, Iran's economy has deteriorated dramatically, officially known as the Joint Comprehensive Action Plan. The agreement was promoted in 2015 with Russia, China, the EU and the UK under the Obama administration to curb and strictly monitor Iran's nuclear activities in exchange for sanctions relief.

The Islamic Republic has faced years of protests, a sharp weakening of the currency and a crisis of cost of living, which has suffered a hammering blow and suffered the loss of its main ally last year when the Assad regime collapsed in Syria. Meanwhile, Tehran's master Israel killed most of the senior leaders of Hezbollah, whom Iran acted in Lebanon.

Iran’s supreme leader Ayatollah Ali Khamenei has previously been staunchly opposed to negotiations with the United States, but senior Iranian government officials have reportedly launched a coordinated effort to change their minds, making the decision a crucial decision for the survival of the regime.