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Brent rose about 1% to $104.61 and WTI gained 0.8% in Asian trading on November 3 after both had hit near four-week lows. Mediators' proposals were under review, but an Iranian official said Washington's response was unconvincing.
The US had also carried out limited strikes on Qeshm island.
Uncertainty over whether the Iran conflict will end keeps a risk premium in crude, which raises input costs for feed and fertiliser. Any failed talks could reverse the recent declines.
investing.comAyushman OjhaNov 4, 2026After 656 past bullish geopolitics events, Crude Oil (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, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
