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Brent settled at $117.64 on the Friday before November 1 after a tanker attack in the Strait of Hormuz, gaining 5.32% on the week. WTI settled at $104.12, up 0.82% on the week, and both benchmarks rose sharply in October.
Uncertainty over US-Iran diplomacy kept a risk premium in prices.
Attacks on tankers in Hormuz raise freight and insurance costs and threaten Gulf crude flows, supporting diesel and energy-linked input costs for feed producers. The weekly gain reflects an ongoing geopolitical premium.
wenewsenglish.comAfzal BajwaNov 1, 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.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
