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Oil prices dropped about 11% on Monday after Trump postponed strikes on Iranian power plants for five days and cited constructive talks. Brent settled at $99.94 and WTI at $88.13.
Iran denied negotiating with the U.S., and prices pared some losses after new attacks.
Crude prices are being driven by war headlines and volatility, which feeds through to biofuel margins and freight and fertilizer costs for feed producers.
reuters.comScott DisavinoMar 22, 2026
marketscreener.comReutersMar 23, 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.
After 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 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% 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 fell about 11% on Monday March 23 after Trump postponed strikes on Iranian power plants and cited talks, which is the direct trigger of the one-day drop (sentiment/geopolitical risk premium unwinding).
