
WTI traded near $95.30 early on November 3 after a Monday selloff of about 7%, as Iran's talks with Qatari mediators ended without agreement. Iran said it remained in contact with Washington and that its seven-step proposal would guide mediated discussions.
Ongoing diplomacy with Iran and continued Hormuz disruption leave crude highly sensitive to headlines, affecting diesel and freight costs for feed buyers. A deal to reopen Hormuz would be bearish for energy costs.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% 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.