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South African shares and the rand rose after a Democratic win in the US midterm elections raised hopes of an end to the US-Iran war. Brent crude fell below $100 a barrel for the first time in two months, down about 20% over the week and heading for its largest weekly loss since April 2020.
Expectations of a quicker end to the Iran conflict reduce the risk premium in crude and energy, which lowers diesel and fertilizer costs and eases pressure on feed production expenses. The rand's strength also changes import costs for South African feed buyers.
news24.comNov 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.
After 59 past bearish macro events, Natural Gas moved a median +1.3% over 5 sessions (58% higher; middle half -5.0% to +5.2%), and -2.0% 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.
