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Oil prices slid about 2% on Wednesday after paring deeper losses, as Iran reviewed a U.S. proposal to end the war. Brent settled at $102.22 a barrel and WTI at $90.32.
The Strait of Hormuz remains largely closed to oil and LNG shipments.
Prospects for a negotiated end to the war reduce the geopolitical risk premium in crude, which lowers energy and biofuel feedstock costs and eases pressure on feed input prices.
reuters.comScott DisavinoMar 24, 2026After 250 past bearish geopolitics events, 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, 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.
