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WTI held below $87.50 for a second day as Democratic leaders vowed to push for an end to the Iran war after winning control of Congress. Schumer suggested Democrats could use control of government funding to press that goal.
Iran called the US response to its conditions for reopening Hormuz unsatisfactory, and another tanker was struck off Oman.
The premium may fade if diplomacy advances, but the Hormuz tanker attacks keep supply risk alive. Feed buyers face continued energy and freight cost uncertainty.
fxstreet.comHaresh MenghaniNov 5, 2026
tmgm.comHaresh MenghaniNov 5, 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.
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.
