Crude oil futures settled lower on Tuesday after U.S. President Donald Trump said he had postponed a planned military strike on Iran to allow more time for negotiations aimed at ending the conflict in the Middle East. Even as Iran awaits the U.S. response to a peace plan it sent days before through Pakistan, the Strait of Hormuz continues to remain shut, tightening global oil supplies.
Benchmark crude oil futures for July delivery decreased by $0.23 or 0.22% to settle at $104.15 a barrel on the New York Mercantile Exchange. Brent crude for July delivery was down by $0.82 or 0.73% to settle at $111.28 a barrel on the New York Mercantile Exchange.
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