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Crude oil and gasoline prices extended Monday’s losses, with crude reaching a roughly 2.5-month low amid greater optimism about a negotiated end to the U.S.-Iran war. Qatar reported positive responses from both sides to mediation efforts, while Middle East supply risks persisted, including attacks on shipping and a Saudi pipeline; exports from Saudi Arabia, the UAE, Iraq and Kuwait rose 10% in October to 15.53 million barrels per day.
Prospects of diplomacy and higher regional exports weigh on crude by reducing expected supply disruption, although attacks and infrastructure threats limit the downside. Cheaper crude can ease energy and transport costs for feed supply chains.
barchart.comRich AsplundNov 10, 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.
