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 August delivery decreased by $0.20 or 0.27% to settle at $72.95 a barrel on the New York Mercantile Exchange.
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