Crude oil futures ended with modest gains on Thursday, as calmer heads prevailed in the wake of the U.S. decision to exit the Iran nuclear pact. Various news reports on Thursday said Iranian Oil Minister Bijan Zanganeh told that nothing noteworthy will happen to oil exports after the Iran sanctions. Moreover, a sign of a further rise in U.S. crude stockpiles and a wind-down period ahead of the start to sanctions on Iran also helped to calm concerns about the risks to the flow of crude in the Middle East.
Benchmark crude oil futures for June delivery gained 22 cents or 0.3 percent to settle at $71.36 a barrel on the New York Mercantile Exchange. July Brent crude jumped 26 cents or 0.3 percent to settle at $77.47 a barrel on London's Intercontinental Exchange.