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Crude futures edged higher on Friday as President Donald Trump said he would soon decide whether to pursue a peace agreement with Iran or continue attacks. Brent and WTI were nevertheless on track for steep weekly losses, while analysts pointed to signs of oversupply and weaker demand.
The prospect of renewed attacks supports crude by keeping a risk premium in prices, but easing conflict fears and signs of excess supply weigh the other way. The article’s overall market picture remains bearish for crude, despite Friday’s small gains.
financialnewsletter.comReutersNov 6, 2026After 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.
After 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.
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.
