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Brent crude fell about 10% over 24 hours to below $94 a barrel in early Thursday trading, breaking below $100. The drop followed Republican losses in the US midterm elections, which raised hopes for de-escalation in the Iran war.
Lower crude expectations ease diesel and energy costs for feed producers and farm transport, and could reduce input cost pressure on feed grains and oilseed processing margins. The move is driven by a shift in geopolitical risk expectations rather than a physical supply change, so it may reverse if Iran tensions re-escalate.
moneyweb.co.zaSuren NaidooNov 5, 2026After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% 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.
