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Dec WTI was down $3.99 (4.15%) intraday on Wednesday, reaching a three-week low, while December RBOB gasoline fell to a three-month low. Trump said he had no immediate plans to launch strikes on Iran after the midterms, and EIA data showed rising Cushing supplies.
Reduced fears of escalation in the Gulf lower the crude price floor, which lowers costs for diesel and fertiliser and eases pressure on energy-linked feed inputs. The move is driven by geopolitical signals rather than a change in physical supply.
barchart.comRich AsplundNov 4, 2026After 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 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.
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.
