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.