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Brent and WTI rebounded on Thursday after both benchmarks fell more than 8% on Wednesday. Traders reassessed whether the US midterm results would bring a quick end to the Iran war, while continuing vessel incidents and reduced confidence in a negotiated settlement kept supply concerns in focus.
Uncertainty over the conflict and Gulf shipping has kept a risk premium in crude despite the prior selloff. A sustained rebound would increase fuel and freight costs for feed supply chains.
oilprice.comJulianne GeigerNov 5, 2026After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
