Crude oil futures closed lower on Tuesday after reports indicated that U.S. President Donald Trump was willing to wrap up the U.S. military offensive in Iran and push Tehran to reopen the Strait of Hormuz through diplomatic efforts. Meanwhile, data from the American Petroleum Institute (API) showed that U.S. crude inventories surged by 10.263 million barrels in the week ending March 27. However, markets remained cautious as additional U.S. troops were deployed to the Middle East over the past few days, and Tehran stated that no formal peace talks were underway but signaled a willingness to end the war if its conditions are met.
Benchmark crude oil futures for May delivery declined by $1.50 or 1.46% to settle at $ 101.38 a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased by $3.42 or 3.18% to settle at $103.97 a barrel on London's Intercontinental Exchange.
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