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Brent fell more than 8% to about $104.10 and WTI dropped below $100 to about $96.02 on Monday after weekend mediation talks between Iran and Qatar. A draft proposal centred on reopening the Strait of Hormuz circulated, though analysts said the move reflects hope rather than a deal.
Expectations of a Hormuz reopening reduce the energy-driven cost pressure on fertilizer, freight and diesel that has been lifting feed input costs. Prices remain elevated because OPEC output is still well below prewar levels.
gulfnews.comJay HilotinNov 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.
