Oil fell on Thursday as hopes for peace talks eased concerns over Middle East supply. Brent fell $1.22 to $114.10 and WTI fell $1.33 to $101.45, after a Vance letter to Iran's Security Council chief was reported.
Reduced conflict risk lowers energy prices, which eases biofuel and feedstock costs. Vegetable oil and corn-linked markets could soften as a result.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% 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.