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Crude oil futures end significantly higher on Friday

17 Oct 2026 Evaluate

Crude oil futures closed significantly higher on Friday amid uncertainty over regional supply prospects, as Iran escalated its attacks in the Strait of Hormuz. Meanwhile, Ukrainian drone attacks on Russian refineries have further constrained fuel supplies. Adding to the pressure, US crude inventories fell by 8.56 million barrels in the week ended October 9th.

Benchmark crude oil futures for November delivery surged by $3.44 or 3.51% to settle at $101.41 a barrel on the New York Mercantile Exchange. Brent crude for December delivery jumped by $3.94 or 3.72% to settle at $109.86 a barrel on the New York Mercantile Exchange.