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Brent December futures settled at $117.64 on Friday, up 2.4%, the highest settlement since late April, after a tanker attack in the Strait of Hormuz. Brent rose 13.6% in October and WTI fell 15.2% for the month per the article's own figures.
Traders are weighing possible escalation in the Iran war after the US midterm elections.
A tanker attack in Hormuz highlights physical supply risk that supports crude and diesel prices, raising energy costs for feed producers and transport.
theveritas.inThe Veritas DeskNov 1, 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 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.
