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WTI crude and gasoline prices fell as traders anticipated progress toward ending the U.S.-Iran war and a possible resumption of Middle Eastern energy supplies. President Trump signaled restraint if negotiations progress, while reports that Iran may have dropped its demand to control the Strait of Hormuz added to selling; U.S. attacks on targets on Qeshm Island and doubts about a breakthrough remained risks.
The prospect of restored regional flows pressured crude by reducing the expected geopolitical supply premium. That could ease fuel and logistics costs for feed buyers, although continued conflict and uncertainty around Hormuz leave the outlook volatile.
barchart.comRich AsplundNov 9, 2026After 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.
After 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.
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.
