Crude oil prices ended sharply lower on Monday as concerns over a potential supply disruption eased after the U.S. halted nearly two weeks of military attacks against Iran, reducing fears of near-term disruptions to oil supplies. Meanwhile, Iranian and Omani negotiators met over the weekend in an effort to secure an agreement to restore shipping through the strategically important Strait of Hormuz.
Benchmark crude oil futures for September delivery decreased by $6.70 or 7.50% to settle at $82.61 a barrel on the New York Mercantile Exchange. Brent crude for September delivery was down by $8.42 or 8.70% to settle at $88.36 a barrel on the New York Mercantile Exchange.
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