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Crude futures fell midday Tuesday as traders weighed reported U.S. strikes on Iran's Qeshm Island against signs of progress toward a diplomatic deal. January Brent traded near $103 and December WTI near $96, while refined products such as ULSD and RBOB rose.
Crude had dropped more than 7% on Monday, its largest daily decline since July.
Crude and diesel costs feed into freight, fertilizer and feed processing expenses, so a diplomatic breakthrough would ease cost pressure on feed ingredients. Renewed strikes or Strait of Hormuz disruption would push energy and input prices back up.
marketwatch.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.
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.
