
Brent crude traded near $102 per barrel on Wednesday after touching an intraday low of $101.6, extending losses for a third session. WTI fell below $95, and crude has dropped about 10% this week from a six-month high.
Democrats' control of both chambers of Congress has raised doubts about further U.S. military action against Iran.
Easing Middle East supply fears lower energy input costs for feed production and transport. Prices could rebound if the Iran situation worsens, so buyers should expect continued volatility.
After 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.
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.