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Crude oil futures settle lower amid easing supply concerns

01 Jul 2026 Evaluate

Crude oil futures settled lower on Tuesday amid easing supply concerns as increasing tanker traffic across the Strait of Hormuz. Sentiment remained supported by optimism over U.S.-Iran talks in Qatar and improving oil export flows, despite lingering geopolitical tensions in the region.

Benchmark crude oil futures for August delivery declined by $1.25 or 1.77% to settle at $69.5 a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased by $0.20 or 0.27% to settle at $72.95 a barrel on the New York Mercantile Exchange.