U.S. President Joe Biden and British Prime Minister Rishi Sunak on Thursday said Thursday their countries would partner on advanced technologies, clean energy and critical minerals as they strengthen a historical security alliance.

Biden and Sunak signed the “Atlantic Declaration,” which Sunak described as a first-of-its-kind economic partnership on artificial intelligence and other economic and commercial relations, as the British leader made an official visit to the White House.

Britain and the United States’ long-standing military and security partnerships have strengthened amid Russia’s war in Ukraine and China’s more aggressive posture in Asia, but a much-hoped-for free trade agreement has not materialized.

Oil prices pared some losses after falling by more than $3 a barrel on Thursday after the White House called a news report that the U.S. and Iran may be approaching a deal on oil exports false.

Oil fell sharply on the report, which cited two unnamed sources as saying that Iran and the U.S. are nearing a temporary deal that would trade some sanctions relief in exchange for reducing Iran’s uranium enrichment.