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Crude oil futures settle sharply lower on Tuesday

29 Jul 2026 Evaluate

Crude oil prices ended sharply lower on Tuesday amid easing concerns over supply disruptions, as optimism grew over a resolution to the US-Iran conflict, with both nations continuing to pause mutual attacks. Meanwhile, Iran's Foreign Minister, Abbas Araghchi, held separate telephone conversations with the foreign ministers of Saudi Arabia and Oman to discuss the latest regional developments, as well as the management of the Strait of Hormuz.

Benchmark crude oil futures for September delivery decreased by $3.35 or 4.06% to settle at $79.26 a barrel on the New York Mercantile Exchange. Brent crude for September delivery was down by $4.27 or 4.83% to settle at $84.09 a barrel on the New York Mercantile Exchange. 


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