Crude oil futures settle sharply lower amid easing tensions in Middle East
US President Donald Trump announced that Israel and Iran have agreed to a ceasefire
Crude oil futures ended sharply lower on Tuesday amid easing tensions in Middle East after US President Donald Trump announced that Israel and Iran have agreed to a ceasefire. The development relieves traders from fears of supply-side disruption, especially, the threat to the Strait of Hormuz in Persian Gulf through which around 20% of the global oil shipment transits.
Benchmark crude oil futures for August slumped $4.14 or about 6.04% at $64.37 a barrel on the New York Mercantile Exchange. Brent crude for August plunged $4.34 or about 6.07% at $67.14 a barrel on London's Intercontinental Exchange.
