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Crude oil futures close higher amid rising supply concerns

24 Oct 2026 Evaluate

Crude oil futures closed higher on Friday due to increasing fears of a fresh, deep and intense U.S.-Iran war as well as the ongoing Houthi-Saudi Arabia conflict. The escalation could result in halting the oil and energy flows from the Arab nations for a protracted period of time. 

Benchmark crude oil futures for December delivery jumped by $3.80 or 3.82% to settle at $103.27 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged by $3.55 or 3.14% to settle at $116.72 a barrel on the New York Mercantile Exchange.