Prices dropped as Tehran and Washington held talks at the United Nations, with Iran's foreign minister saying the country wants the US to meet June's memorandum terms.
Oil prices declined Thursday after a report indicated Asia is set to import its highest volume of crude oil since the start of the US-Iran war.
Crude prices rose Thursday amid reports of near-record Asian oil imports and hopes for diplomatic movement between Washington and Tehran.
Weekly data shows crude stocks remain below their five-year seasonal average, according to the US Department of Energy.
The cancellation follows a shutdown of the East-West pipeline after a drone attack, according to Bloomberg.
U.S. crude briefly slipped below $100 a barrel as additional Saudi Arabian supplies eased concerns over disruptions, CNBC reported.