Oil prices inched down on Thursday due to the improved prospects for the normal navigation in the Strait of Hormuz.
The prices fell sharply during trading, with the decline exceeding five percent at one point.
By the close of trading, the West Texas Intermediate for June delivery decreased by 27 cents, or 0.28 percent, to settle at 94.81 U.S. dollars a barrel on the New York Mercantile Exchange; Brent crude for July delivery dropped 1.21 dollars, or 1.19 percent, to settle at 100.06 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle lower
The U.S. dollar strengthened in late trading on Thursday.
The dollar index, which measures the greenback against six major peers, gained 0.05 percent to 98.063 at 1500 (1900 GMT).
In late New York trading, the euro advanced to 1.1751 dollars from 1.1748 dollars in the previous session, and the British pound fell to 1.3583 dollars from 1.3593 dollars in the previous session.
The U.S. dollar bought 156.67 Japanese yen, higher than 156.45 Japanese yen in the previous session. The U.S. dollar lost to 0.7788 Swiss francs from 0.7790 Swiss francs, and it dropped to 1.3635 Canadian dollars from 1.3636 Canadian dollars. The U.S. dollar climbed to 9.2432 Swedish Kronor from 9.2339 Swedish Kronor.
U.S. dollar ticks up
