Crude oil futures settled sharply lower on Wednesday amid growing optimism over a possible agreement between the United States and Iran, despite the U.S. refusing to ease its demands. Meanwhile, U.S. Secretary of State Marco Rubio said that any prolonged shutdown of the Strait of Hormuz would be unacceptable, while noting that U.S.-Iran peace negotiations may continue for a few more days.
Benchmark crude oil futures for July delivery decreased by $5.21 or 5.55% to settle at $88.68 a barrel on the New York Mercantile Exchange. Brent crude for July delivery declined by $5.29 or 5.31% to settle at $94.29 a barrel on the New York Mercantile Exchange.
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