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Crude oil futures settle lower on Thursday

31 Jul 2026 Evaluate

Crude oil prices ended lower on Thursday as investors booked profits after the previous day's sharp surge, while optimism over ongoing talks between Iran and Oman on the management of the Strait of Hormuz raised hopes for the resumption of the free flow of Gulf oil.

Benchmark crude oil futures for September delivery decreased by $0.87 or 1.03% to settle at $83.59 a barrel on the New York Mercantile Exchange. Brent crude for September delivery was down by $1.71 or 1.88% to settle at $89.03 a barrel on the New York Mercantile Exchange.