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Oil prices rose on Tuesday, November 3, after reports that the US struck Iran's Qeshm Island, raising concern about escalation of the eight-month conflict and supply disruptions from the Middle East. Brent was quoted at $96.66 and WTI at $104.80 in the price table, with Urals at $101.12, and both benchmarks had fallen more than 7% on Monday.
Analysts note the market has already priced in much of the geopolitical risk, so headlines alone may not sustain gains without physical supply disruption. Crude levels remain high enough to keep diesel and fertiliser costs elevated.
delo.uaТетяна БесарабNov 3, 2026After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
