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Crude oil prices are expected to stay volatile with an upward bias as US-Iran negotiations and possible disruptions through the Strait of Hormuz continue. Brent futures for December delivery rose about 1% to USD 117.64 after touching USD 118, and WTI rose 1% to USD 104.12.
Iran confirmed receiving a letter from US Vice President JD Vance aimed at restarting peace talks, and Iranian Foreign Minister Abbas Araghchi confirmed talks with Qatari mediators on reopening the strait.
Hormuz supply risk keeps a geopolitical premium in crude, which raises energy costs for feed production, transport and grain drying. Higher crude also tends to lift demand for biofuel feedstocks, although a diplomatic breakthrough could quickly reverse the premium.
freepressjournal.inFPJ Web DeskNov 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.
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.
