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OPEC+ kept December targets at about 31 million barrels per day for its seven core members, matching September levels. The Strait of Hormuz has been effectively shut since the US-Iran conflict began on February 28, and Brent rose 2.4% to $117.64 on Friday.
October saw the highest monthly count of commercial vessel attacks in the war.
Holding quotas while Hormuz flows remain blocked keeps the crude market tight, supporting high diesel and fuel costs for feed transport and processing. Price direction stays supported by the war premium.
thenationalnews.comNov 1, 2026After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% 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.
