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Crude oil futures settle sharply lower amid easing tensions in Middle East

25 Jun 2025 Evaluate

Crude oil futures ended sharply lower on Tuesday amid easing tensions in Middle East after US President Donald Trump announced that Israel and Iran have agreed to a ceasefire. The development relieves traders from fears of supply-side disruption, especially, the threat to the Strait of Hormuz in Persian Gulf through which around 20% of the global oil shipment transits.

Benchmark crude oil futures for August slumped $4.14 or about 6.04% at $64.37 a barrel on the New York Mercantile Exchange. Brent crude for August plunged $4.34 or about 6.07% at $67.14 a barrel on London's Intercontinental Exchange.