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Crude oil futures settle slightly higher on Thursday

03 Jul 2026 Evaluate

Crude oil futures settled slightly higher on Thursday amid persistent geopolitical uncertainty after the U.S. and Iran issued conflicting statements over the management of the Strait of Hormuz. Meanwhile, as per a private report, U.S. President Donald Trump discussed the possibility of restarting military action against Iran with senior U.S. officials.

Benchmark crude oil futures for August delivery increased by $0.11 or 0.16% to settle at $68.69 a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained by $0.23 or 0.32% to settle at $71.80 a barrel on the New York Mercantile Exchange.