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Brent was on track for a 16% weekly decline, its steepest since the start of the COVID-19 pandemic, while WTI was set to fall 13%. Hopes that the US election results could ease the Iran conflict weighed on prices, although attacks on vessels and shipping constraints near Hormuz continued to support crude.
De-escalation could restore Middle Eastern exports while signs of weaker demand point to a looser crude balance, putting downward pressure on oil prices. Continued shipping disruption could limit the decline.
live.euronext.comNov 6, 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.
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.
