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Brent rose 1.3% to about $106.13 and WTI gained 1.5% to about $97.91 after both benchmarks fell more than 7% the previous session. An Iranian official said Tehran and Washington remain far from a deal to end the war, and the US struck Iran's Qeshm Island.
Renewed strikes and no deal keep a war-risk premium in crude, which lifts diesel and fertilizer costs and feeds through to feed ingredient and freight prices. Hopes of talks remain a downside risk to oil.
rte.ieRTÉ NewsNov 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.
