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Crude oil prices steadied after the previous session's plunge of over 8%, as investors bet that Democrats winning the US midterm elections could speed up ending the Iran war. WTI traded near $88 a barrel and Brent settled near $95, with Brent January futures down 8.7% to $94.62 on Wednesday.
Expectations of a faster end to the Iran conflict reduce the geopolitical risk premium in crude, which lowers energy and diesel costs for feed producers and feeds into freight and fertilizer pricing.
gmteight.comNov 15, 2026After 265 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.7% over 5 sessions (30% higher; middle half -6.9% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
