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Crude oil futures end sharply lower on Tuesday

05 Aug 2026 Evaluate

Crude oil futures ended sharply lower on Tuesday after U.S. expressed optimism about reaching an agreement with Iran to reopen the Strait of Hormuz within the next couple days. Besides, Qatar confirmed that mediatory efforts to secure U.S.-Iran deal are progressing well.

Benchmark crude oil futures for September delivery decreased by $4.57 or 5.69% to settle at $75.77 a barrel on the New York Mercantile Exchange. Brent crude for October delivery was down by $4.41 or 5.26% to settle at $79.36 a barrel on the New York Mercantile Exchange.


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