Crude oil futures settled lower on Wednesday, moving closer to levels seen before the Middle East conflict began, as a growing number of tankers resumed transit through the Strait of Hormuz amid advances in US-Iran peace negotiations. Meanwhile, data from the American Petroleum Institute revealed that U.S. crude oil inventories fell by 765,000 barrels over the week ending June 19 following a 8,330,000-barrel draw in the previous week.
Benchmark crude oil futures for August delivery decreased by $2.87 or 3.92% to settle at $70.34 a barrel on the New York Mercantile Exchange. Brent crude for August delivery fell by $3.34 or 4.33% to settle at $73.74 a barrel on the New York Mercantile Exchange.