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Crude oil futures end lower on Wednesday

22 Oct 2026 Evaluate

Crude oil futures closed lower on Wednesday as signs of improving shipping activity through the Strait of Hormuz eased some supply concerns. Meanwhile, traders closely assessed developments surrounding a US-Iran peace proposal reportedly backed by Pakistan and Qatar.

Benchmark crude oil futures for December delivery decreased by $0.67 or 0.68% to settle at $97.15 a barrel on the New York Mercantile Exchange. Brent crude for December delivery increased by $0.03 or 0.03% to settle at $108.82 a barrel on the New York Mercantile Exchange.