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Brent crude fell more than 6.5% to as low as $105.55 a barrel on Monday, its lowest since 16 October. The drop followed hopes of a breakthrough to end the Iran war.
Lower crude weakens the energy-cost premium feeding into diesel, fertiliser and freight, which eases input costs for feed producers. The move reflects a diplomacy-driven risk-premium unwind rather than a change in physical supply.
theguardian.comGraeme WeardenNov 2, 2026After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (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.
