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Oil and stock markets fell sharply on Thursday after Trump's primetime speech on the Iran war revived fears of a prolonged conflict. Brent rose more than 8% to about $109 a barrel, and May WTI jumped more than 10% to about $110.
The Strait of Hormuz, which carries about 20% of world oil and LNG, is effectively closed.
The closure of Hormuz, a major route for crude and LNG, pushes up energy and input costs for livestock and feed producers. Higher energy prices also tend to lift vegetable oil and biofuel-linked demand.
businessinsider.comHuileng Tan, Theron Mohamed, Jennifer SorApr 2, 2026After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% over 20.
After 250 past bullish geopolitics events, ULSD / 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.
