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Crude oil futures settle lower amid easing supply concerns

Date: 06-05-2026

Crude oil futures settled lower on Tuesday after U.S. attempts to unblock Strait of Hormuz traffic boosted market sentiments and eased supply concerns. Besides, US Defense Secretary Pete Hegseth said the U.S. ceasefire with Iran remained in place, easing fears that the region would return to full-scale war after attacks on the United Arab Emirates this week.

Benchmark crude oil futures for June delivery decreased by $4.15 or 3.90% to settle at $102.27 a barrel on the New York Mercantile Exchange. Brent crude for July delivery fell by $4.57 or 3.99% to settle at $109.87 a barrel on the New York Mercantile Exchange.