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Oil futures held near flat after an 8% drop on Monday, with WTI slipping back below $100 a barrel. US officials confirmed a small-scale, defensive strike on Qeshm Island aimed at stopping attacks on shipping in the Strait of Hormuz, but it had little price impact.
Limited strikes and diplomatic signals have left crude range-bound, so the energy-cost pass-through to feed and fertiliser markets is steady rather than rising. A genuine escalation or deal would be needed to move prices decisively.
newsquawk.comNov 3, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
