Crude oil prices settled lower today as energy traders weighed fresh signals regarding Federal Reserve monetary policy alongside rumors of a potential maritime agreement in the Strait of Hormuz.

Benchmarks retreated after hawkish cues from central bank officials reinforced expectations that high borrowing costs may dampen long-term global fuel consumption.

Meanwhile, geopolitical risk premiums eased significantly on speculation of diplomatic progress across vital Middle Eastern shipping lanes, offering market participants a brief reprieve from recent supply anxieties.