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US crude settled more than 11% higher and Brent rose nearly 8% on April 2 after President Trump said the US would continue attacks on Iran. WTI settled at its biggest absolute daily gain since 2020, while Trump's speech gave no timeline for reopening the Strait of Hormuz.
Prolonged disruption to Gulf oil flows raises crude and diesel costs, which lifts feed transport and processing costs and supports energy-linked feed prices.
reuters.comArathy SomasekharApr 2, 2026After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
