Crude oil futures settled lower on Friday amid easing concerns over global oil supply disruptions after report stating that the United States and Iran are nearing the signing of a Memorandum of Understanding (MoU), which would allow immediate reopening of the Strait of Hormuz by Iran and lifting of the naval blockade on Iranian ports by U.S. forces.
Benchmark crude oil futures for July delivery decreased by $1.54 or 1.73% to settle at $87.36 a barrel on the New York Mercantile Exchange. Brent crude for August delivery declined by $1.58 or 1.70% to settle at $91.12 a barrel on the New York Mercantile Exchange.
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