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Brent crude fell 7.6% to $104.77 a barrel and US crude dropped 7.3% to $96.46 on Monday, their sharpest declines in three months. The drop followed reports that Iran's government was authorized to pursue dialogue with its enemies and that Trump wants negotiations to play out.
Easing expectations of further strikes on Hormuz-region supply lower the risk premium in crude and diesel, which feeds through to freight, fertilizer and feed-processing costs. Lower energy costs ease pressure on feed-making and biofuel-linked demand for soy oil and corn.
nbcnews.comSteve Kopack, Garrett HaakeNov 2, 2026After 250 past bearish geopolitics events, 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, 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.
