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WTI futures fell about 2.25% to near $99.80 during European trade on Monday, extending a correction from a five-month high above $104 posted on Friday. US Secretary of State Rubio said Trump prefers a diplomatic resolution but kept military options open.
Iran said talks with Qatari mediators on reopening the Strait of Hormuz were continuing.
Reduced fears of renewed US strikes ease the supply-risk premium on crude, pointing to lower energy costs. Rubio's comments that military options remain keep the downside limited.
fxstreet.comSagar DuaNov 2, 2026After 255 past bearish geopolitics events, 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.
