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The US national average gasoline price fell 17.1 cents in the past week to $4.12 per gallon, and diesel fell 5.9 cents to $6.281. Oil dropped nearly $2 on Sunday trading, with WTI at $102.15 and Brent at $111.52, as hopes for Iran-Qatar talks eased fears of renewed US strikes.
Analysts warn that volatility could return after the election, depending on the Strait of Hormuz situation.
Lower crude and diesel prices ease freight and farm fuel costs for feed buyers, but the price path depends on the Hormuz conflict and could reverse quickly.
gasbuddy.comNov 2, 2026After 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.
After 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 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% 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.
