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Iraq reached an understanding with the United States to allow Iraqi oil exports through the Strait of Hormuz along a shipping lane near Oman. Iraq’s foreign minister said losses from the war and export disruptions had reached $60 billion; the market snapshot showed Brent roughly flat and WTI slightly higher.
A workable route through Hormuz could restore Iraqi export flows and ease supply concerns, putting some downward pressure on crude prices if shipments recover.
abc.net.aubusiness reporter Stephen LettsNov 8, 2026After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% 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.
