Brent crude futures fell 94 cents, or 0.9%, to $102.13 a barrel, while U.S. West Texas Intermediate crude futures declined 59 cents, or 0.7%, to $91.56 a barrel.
The decline came after Iran said it remains open to diplomatic efforts aimed at ending the war with the United States, easing some concerns over further disruptions to global energy supplies.
Meanwhile, gold prices were largely unchanged in early Asian trading as investors assessed the possibility of the U.S. Federal Reserve raising interest rates again later this year.
Spot gold was little changed at $4,285.31 an ounce by 0022 GMT, while U.S. gold futures for December delivery remained steady at $4,321.40 an ounce.
Markets are closely watching geopolitical developments and the outlook for U.S. interest rates, both of which remain key factors influencing the direction of oil and gold prices.