Crude oil futures settled higher for a third consecutive session on Tuesday after U.S. President Donald Trump threatened additional military strikes on Iran following the reinstatement of a U.S. blockade in the Strait of Hormuz. However, Trump dropped plans to impose a 20% fee on cargo passing through the Strait of Hormuz under U.S. protection.
Benchmark crude oil futures for August delivery surged by $1.20 or 1.54% to settle at $79.34 a barrel on the New York Mercantile Exchange. Brent crude for September delivery jumped by $1.43 or 1.72% to settle at $84.73 a barrel on the New York Mercantile Exchange.
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