Crude oil futures ended marginally higher on Thursday, as the Strait of Hormuz remained effectively close amid a lack of progress in U.S.-Iran peace negotiations. Adding to supply concerns, the International Energy Agency (IEA) reported that crude oil and fuel shipments through the Strait of Hormuz declined by nearly 4 million barrels per day during March and April. IEA also warned that the global oil market could remain significantly undersupplied through October even if the conflict is resolved next month.
Benchmark crude oil futures for June delivery increased by $0.15 or 0.15% to settle at $101.17 a barrel on the New York Mercantile Exchange. Brent crude for July delivery was up by $0.09 or 0.09% to settle at $105.72 a barrel on the New York Mercantile Exchange.