U.S. crude and Brent fell by more than $1 in short-term trading after sources cited by Saudi media outlet Alhadath said an agreement had been approved to extend the 60-day negotiation deadline between Iran and the United States. At the same time, futures tied to the three major U.S. stock indexes rose. The price action points to markets interpreting the reported extension as easing near-term geopolitical risk and potential supply concerns.