Crude oil futures settled lower on Tuesday amid optimism grew over a possible U.S.-Iran peace deal that could soon lead to the reopening of the Strait of Hormuz, despite reports of fresh U.S. strikes on Iran. Meanwhile, U.S. Secretary of State Marco Rubio said that reaching a deal could still take several days, citing unresolved issues such as Tehran’s frozen assets and its hesitation to guarantee unrestricted passage through Hormuz
Benchmark crude oil futures for July delivery decreased by $2.71 or 2.81% to settle at $93.89 a barrel on the New York Mercantile Exchange. Brent crude for July delivery up by $3.44 or 3.58% to settle at $99.58 a barrel on the New York Mercantile Exchange.