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Crude oil futures decline amid hopes of Strait of Hormuz reopening

06 Jun 2026 Evaluate

Crude oil futures settled lower on Friday as optimism grew over the possible reopening of the Strait of Hormuz following the announcement of an Israel-Lebanon ceasefire. Additionally, U.S. President Donald Trump assured that the ongoing U.S.-Iran talks were progressing well. Trump also indicated that the two countries could sign a Memorandum of Understanding (MoU) over the weekend.

Benchmark crude oil futures for July delivery decreased by $2.50 or 2.69% to settle at $90.54 a barrel on the New York Mercantile Exchange. Brent crude for August delivery declined by $1.94 or 2.04% to settle at $93.09 a barrel on the New York Mercantile Exchange.