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Brent settled at $98.32 a barrel on Friday after falling about 13.2% over the week, its steepest weekly loss since 2022. Markets attributed the sell-off to hopes that the US midterm results would push Washington toward ending the Iran war; traders were watching for progress on Iran’s proposal and upcoming CPI and OPEC reports.
Reduced expectations of disruption to Middle East oil flows have weighed on crude prices, though the Strait of Hormuz risks could limit further losses. Lower crude can ease energy and freight costs for feed buyers.
dailybyte.pkThe Daily ByteNov 8, 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.
