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Crude and refined product futures fell on Wednesday as traders weighed the U.S. midterm results for Washington's Iran policy. January Brent traded near $99 and December WTI near $92, with December ULSD down about 24 cents.
EIA data showed commercial crude stocks fell by 865,000 bbl, and distillate stocks dropped 3.6 million bbl to 99.3 million bbl.
Lower crude and diesel prices ease fuel and freight costs for feed producers and reduce pressure on feed ingredient transport. The risk premium remains, so a renewed Iran escalation could reverse the decline quickly.
marketwatch.comNov 4, 2026After 250 past bearish geopolitics events, Crude Oil (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, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% 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.
