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Crude oil futures settle lower amid hopes of easing tensions in Middle East

02 Jul 2026 Evaluate

Crude oil futures settled lower on Wednesday amid a gradual recovery in tanker traffic through the Strait of Hormuz. Sentiments improved as indirect negotiations between the US and Iran gained momentum, raising hopes of easing tensions in the Middle East. Meanwhile, reports said that US President Donald Trump described the talks as ‘very good’ and stated that efforts toward Iran's denuclearization are progressing well.

Benchmark crude oil futures for August delivery declined by $0.92 or 1.32% to settle at $68.58 a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased by $1.38 or 1.89% to settle at $71.57 a barrel on the New York Mercantile Exchange. 


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