Crude oil futures settled lower on Friday, amid easing supply fears driven by optimism that geopolitical tensions may ease and the Strait of Hormuz may re-open. A private report indicated that Iran had submitted a fresh proposal for negotiations with the United States through Pakistani mediators. Meanwhile, President Donald Trump is facing a 60-day War Powers deadline related to military action involving Iran.
Benchmark crude oil futures for June delivery declined by $3.13 or 2.98% to settle at $101.94 a barrel on the New York Mercantile Exchange. Brent crude for July delivery down by $2.23 or 2.02% to settle at $108.17 a barrel on the New York Mercantile Exchange.
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