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Oil steadied after its largest weekly drop since April 2020 as traders weighed efforts to end the US-Iran conflict against continued regional attacks. Trump said further strikes were unlikely if negotiations made progress, while Secretary of State Marco Rubio played down the prospect of a breakthrough and a tanker was reportedly hit near Hormuz.
Hopes for de-escalation could reduce the oil risk premium, but stalled talks and threats to Gulf shipping leave supply risks in place. Renewed escalation could reverse some of the recent price decline.
energyconnects.comBloombergNov 9, 2026After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.
