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Crude futures fell about 13.2% over the week, their biggest weekly decline since 2022, as traders assessed possible progress toward ending the Iran war and the recovery of Gulf exports. Brent settled near $98 a barrel and WTI gained 0.3% on Friday after prices had retreated on reports of movement toward a US-Iran diplomatic breakthrough.
A potential end to the conflict and recovering Gulf exports reduce the perceived risk of supply disruption, weighing on crude prices. The stronger dollar and wider market weakness added pressure.
rigzone.comC. Gorrivan, L. SmillieNov 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.
