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Oil prices fell on Tuesday after President Trump said the US would end billions of dollars in annual military support to Israel by the end of the year. Brent dropped about 3.3% to near $101 a barrel, its lowest since October 8, and WTI fell about 2.2%.
The decline followed a more than 7% fall on Monday, driven by hopes for Qatari-mediated US-Iran talks.
Lower crude prices reduce input costs for feed-related energy, freight and fertiliser, but ING notes that escalation risks remain, so the downside depends on whether peace talks make real progress.
live.euronext.comNov 3, 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.
