Crude oil futures closed lower on Friday as traders reacted to reports of a potential agreement to end the prolonged conflict between the United States and Iran. According to the reports, Iran has submitted a proposal to Washington aimed at ending the conflict and reopening the Strait of Hormuz within seven days.
Benchmark crude oil futures for November delivery decreased by $2.17 or 2.29% to settle at $92.44 a barrel on the New York Mercantile Exchange. Brent crude for November delivery declined by $2.28 or 2.14% to settle at $104.32 a barrel on the New York Mercantile Exchange.