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Crude oil futures settle lower on Thursday

08 May 2026 Evaluate

Crude oil futures settled lower on Thursday following reports that the US and Iran are close to a deal to end the war. Additionally, reports indicated that Iran is preparing new rules for vessels crossing the Strait of Hormuz, while the regime is reviewing a peace plan offered by the U.S. to end the Gulf war. 

Benchmark crude oil futures for June delivery decreased by $0.27 or 0.28% to settle at $94.81 a barrel on the New York Mercantile Exchange. Brent crude for July delivery fell by $1.21 or 1.19% to settle at $100.06 a barrel on the New York Mercantile Exchange.