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December Brent crude rose about 1% to $116.04 a barrel and December WTI rose about 1.1% to $103.14 in early Friday trading. Indian MCX crude futures also gained over 1% on the day.
The moves followed reports of possible US military action against Iran.
Threat of strikes on Iran raises the risk of supply disruption from a major oil producer, lifting energy costs that feed into corn, soymeal and ethanol-linked margins for feed buyers.
thehindubusinessline.comOct 30, 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.
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.
