Oil futures bounced off an earlier four-month low on Friday, but analysts told CNBC that prices could plunge if an agreement on Iran's nuclear program is made this weekend.
Secretary of State John Kerry unexpectedly joined the ongoing negotiations in Geneva, sparking speculation that a preliminary deal could be reached soon. Iranian oil exports have been decimated by sanctions placed against the country's energy sector by the United States and Europe in response to its nuclear ambitions.
"I want to emphasize there is not an agreement at this point in time," Kerry told reporters in Geneva. "There are still some very important issues on the table that are unresolved. It is important for those to be properly, thoroughly addressed."
(Read more: Kerry: Iran nuclear talks face 'important gaps')