Crude oil futures settled lower on Tuesday as easing geopolitical tensions reduced concerns over potential supply disruptions after Israel and Iran halted their exchange of attacks. Additionally, optimism grew after President Donald Trump said a U.S.-Iran deal could be finalized within days, potentially leading to the swift reopening of the Strait of Hormuz.
Benchmark crude oil futures for July delivery decreased by $3.10 or 3.40% to settle at $88.2 a barrel on the New York Mercantile Exchange. Brent crude for August delivery declined by $2.80 or 2.97% to settle at $91.45 a barrel on the New York Mercantile Exchange.
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