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Crude oil futures settle higher on Friday

23 May 2026 Evaluate

Crude oil futures settled higher on Friday as traders were weighing growing concerns of a looming crude oil supply shortfall due to the Strait of Hormuz blockade against the positive signals from U.S.-Iran peace talks. However, Brent fell more than 5% this week while U.S. crude oil lost more than 8%. Prices have tumbled after President Donald Trump said that he called off imminent strikes on Iran to allow for more negotiations.

Benchmark crude oil futures for July delivery rose by $0.25 or 0.26% to settle at $96.60 a barrel on the New York Mercantile Exchange. Brent crude for July delivery was up by $0.96 or 0.94% to settle at $103.54 a barrel on the New York Mercantile Exchange.