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Oil futures rose on fears of escalation in the Middle East, with WTI settling up 3.8% at $103.27 and Brent up 3.1% at $116.72. Brent posted a 6.2% weekly gain and its highest close since April 29.
Houthi attacks on Saudi Arabia and US-Iran tensions ahead of the midterm elections drove the rise.
Renewed geopolitical risk premium lifts energy costs for feed producers, including diesel and freight, and can pull up vegetable oil and biofuel-linked prices. The move reflects supply fears rather than a confirmed loss of barrels.
wsj.comWSJNov 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.
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.
