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Brent December futures settled at $117.64 after touching $118, and WTI settled at $104.12, both rising more than 2% on Friday. A tanker in the Strait of Hormuz was struck by limpet mines, the first successful strike of this type since the Iran war began in February, and the US ordered non-emergency staff to leave Saudi Arabia.
Attacks on Strait of Hormuz shipping threaten the key outlet for Gulf crude and fuel, raising the risk of supply loss. Diesel and crude prices are likely to stay elevated while escalation risk persists.
thedailystar.netREUTERS, HoustonNov 1, 2026After 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 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 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.
