Crude oil futures settled higher on Monday on uncertainty over the status of ceasefire talks between the United States and Iran and the potential reopening of the Strait of Hormuz. The U.S. President Donald Trump said talks with Iran were ongoing, while report said Tehran’s negotiating team is stopping the exchange of messages with the United States through mediators due to Israel’s attacks in Lebanon.
Benchmark crude oil futures for July delivery increased by $4.80 or 5.49% to settle at $92.16 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose by $3.86 or 4.24% to settle at $94.98 a barrel on the New York Mercantile Exchange.
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