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Brent and WTI rose slightly on Friday, but both recorded their steepest weekly percentage declines since the start of the COVID pandemic. Hopes for de-escalation and increased regional exports supported the weekly selloff, while renewed tanker attacks and the possibility of further US strikes on Iran kept supply risks in focus.
A peace deal could restore regional exports and pressure crude prices, whereas further attacks or shipping disruption could tighten supply and push them higher.
businesspost.ngAdedapo AdesanyaNov 7, 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.
