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Crude oil prices rose nearly 3% midday on November 11 after Iran denied it was negotiating with Washington. Saudi Arabia reported October output near pre-war levels.
Brent and WTI had fallen about 21% and 17% since the start of November on bets the war was winding down. Natural gas also settled higher at $3.243 per MMBtu.
Iran's denial removes near-term hopes for a war end, raising crude and natural gas costs that flow into feed transport, drying and fertilizer. Higher energy prices support vegetable oil and biofuel-linked feed ingredient values.
okenergytoday.comJerry BohnenNov 11, 2026After 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 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 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% 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.
