Brent $94.29, WTI $88.54: Midterm Result and Iran Peace Hopes Drive Steepest Oil Drop Since April

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.

• May 29, 2026Oil prices log steepest weekly loss since April on potential US-Iran peace deal | The National+4.6%
• Oct 29, 2026WTI Oil eases from highs on Iran peace hopes but remains above $100.00-2.3%
• Apr 8, 2026Brent crude oil prices drop amid Iran war ceasefire | Trucking Dive-18.9%
• May 29, 2026Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk+4.6%
• Oct 29, 2026Brent crude falls below $115, WTI near $101 as US-Iran peace hopes offset fears of growing Middle East conflict-2.3%

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.

• May 29, 2026Oil prices log steepest weekly loss since April on potential US-Iran peace deal | The National+2.5%
• Apr 8, 2026Brent crude oil prices drop amid Iran war ceasefire | Trucking Dive-13.7%
• May 29, 2026Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk+2.5%
• Oct 29, 2026Brent crude falls below $115, WTI near $101 as US-Iran peace hopes offset fears of growing Middle East conflict-5.4%
• May 5, 2026Oil prices slide on reports US and Iran are nearing peace agreement | Reuters-9.6%