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Oil prices rose in a volatile session as investors awaited Washington's next move in the war with Iran. Brent gained 0.8% to $104.42 and WTI rose 0.5% to $96.59, reversing earlier declines, after Democrats won control of both houses of Congress in the US midterm elections.
Renewed Hormuz supply risk and US strikes on Iran keep a geopolitical premium in crude, which feeds into feed-ingredient costs through energy, freight and fertiliser channels. Profit-taking after October's rally limits the upside for now.
newsukraine.rbc.uaLiliana OleniakNov 4, 2026
arabnews.comReutersNov 4, 2026
cnbc.comReutersNov 4, 2026
deccanherald.comReutersNov 4, 2026
thedailystar.netReutersNov 4, 2026After 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.
After 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.
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.
