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Crude oil futures settle lower amid hopes of easing tension in Middle East

24 Jun 2025 Evaluate

Crude oil futures ended significantly lower on Monday amid hopes of easing tensions in Middle East. Israeli officials have signaled that the country is prepared to halt its military campaign against Iran if Supreme Leader Ayatollah Ali Khamenei ceases hostilities and seeks a resolution to the conflict.

Benchmark crude oil futures for August slumped $5.53 or about 7.47% at $68.51 a barrel on the New York Mercantile Exchange. Brent crude for August plunged $5.22 or about 6.81% at $71.48 a barrel on London's Intercontinental Exchange.