MoneyWorks4Me

Crude oil futures settle deeply in red as middle east peace plan takes effect

11 Oct 2025 Evaluate

Crude oil futures settled deeply in red on Friday after President Donald Trump threatened China with higher tariffs in retaliation for Beijing imposing stricter export controls rare earth minerals. Further, crude oil tumbled amid swift developments in the Middle East as the first phase of Gaza Peace Plan takes effect, confirming the return of peace in the region where a drawn-out war claimed thousands of lives so far. Recently, U.S. President Donald Trump proposed a 20-point peace plan to end the bitter conflict between Israel and Palestine.

Benchmark crude oil futures for November declined $2.61 or 4.24% at $ 58.90 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $2.49 or 3.82% to settle at $62.73 a barrel on London's Intercontinental Exchange.


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