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Oil prices rebounded on Thursday, with Brent up 2.47% to $96.96 per barrel after touching a two-month low and WTI also gaining. A tanker struck a mine east of the Strait of Hormuz, while the absence of a US-Iran peace agreement and continued weakness in refined-fuel supplies left the market exposed to volatility.
Tanker risks threaten dependable crude shipments, while the slow recovery in refined-product flows keeps fuel supply tight and supports prices. These energy costs can feed through to agricultural production and transport expenses.
thenationalnews.comAlvin R CabralNov 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.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
