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Brent and WTI both fell more than 14% intraday after President Trump said he was holding off strikes on Iran. Brent closed below $100 for the first time in almost two weeks.
Prices then recovered some of the losses.
A sharp drop in crude weakens the energy-linked economics of biofuels, which can pull down soybean oil and corn demand and weigh on feed-related prices.
bloomberg.comBloomberg NewsMar 23, 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.
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.
Brent futures dropped more than 14% intraday on March 23 after Trump held off strikes on Iran, describing the same selloff and its magnitude.
