Crude futures settle mixed

Oil prices settled mixed on Thursday.

The West Texas Intermediate for July delivery dropped 19 cents, or 0.25 percent, to settle at 76.60 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained 30 cents, or 0.38 percent, to settle at 79.85 dollars a barrel on the London ICE Futures Exchange.

U.S. stocks ended higher on Thursday as investors welcomed the signing of a Memorandum of Understanding between the United States and Iran.

The Dow Jones Industrial Average rose 0.14 percent to 51,564.7. The Standard and Poor's 500 added 1.08 percent to 7,500.58. The Nasdaq Composite Index increased by 1.91 percent to 26,517.93.

Six of the 11 primary Standard and Poor's 500 sectors closed lower, with energy and financials leading the laggards, declining by 1.73 percent and 0.91 percent, respectively. Technology and consumer discretionary were the top performers, rising 2.68 percent and 1.76 percent.

U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed the memorandum outlining the interim peace agreement on Wednesday. The deal, which went into effect immediately, includes reopening the Strait of Hormuz to commercial shipping. The United States also lifted its naval blockade in the region. Negotiations on longer-term issues, including Iran's nuclear program, are expected to continue over the next 60 days.

Oil prices showed mixed movements following the agreement. West Texas Intermediate crude for July delivery decreased 0.19 U.S. dollars, or 0.25 percent, to settle at 76.6 dollars per barrel on the New York Mercantile Exchange. Brent crude for August delivery rose 0.30 dollars, or 0.38 percent, to settle at 79.85 dollars per barrel on the London ICE Futures Exchange.

Investors also weighed signals from the Federal Reserve that interest rates may remain higher for longer, after several officials indicated a possible rate hike later this year.

U.S. initial jobless claims for the week ending June 13 fell by 4,000 to 226,000, roughly in line with analyst expectations.

In the technology sector, Intel and other chip stocks rallied. SpaceX continued to decline, falling 3.56 percent on Thursday after a drop of 4.95 percent in the previous session, trimming gains from its blockbuster initial public offering last week.

U.S. stock market will be closed Friday on the occasion of Juneteenth National Independence Day.