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Brent closed near $95 and WTI near $88 after falling more than 8% overnight, the largest one-day drop since May. Democratic midterm wins raised pressure to end the Iran war, and Trump told the Financial Times there was no immediate plan to ramp up attacks.
US distillate stocks fell below 100 million barrels, the lowest since 2003, while crude inventories fell for a fifth straight week.
Record-low distillate stocks support diesel prices even as crude falls, which keeps fuel and freight costs elevated for feed logistics. The crude decline depends on the war outlook, which remains unresolved.
cnbctv18.comCNBCTV18.comNov 5, 2026After 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.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
