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Oil futures settled lower on Tuesday as Brent for January delivery fell 1.1% to $103.60 a barrel and WTI for December slipped 0.4% to $96.09. The U.S. struck Iran's Qeshm Island on Monday, reportedly the latest in a series of limited strikes, while diplomatic efforts continued and Trump signaled a possible deal.
Diplomacy-driven hopes are removing part of the geopolitical risk premium from crude, which lowers diesel and energy input costs for feed producers, though escalation risk remains high.
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.
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.
