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Brent lost $1.14 to $91.62 a barrel and WTI lost $1.04 to $85.49 by early Thursday in Tokyo. Traders cited expectations of a Russia-Ukraine ceasefire effort and a lower chance of Iran war escalation before the US-China summit.
Russian and Ukrainian negotiators agreed a prisoner exchange.
Lower odds of conflict escalation reduce the risk premium in crude, easing energy and fertilizer costs for feed producers. Uncertainty over the Strait of Hormuz limits how far prices can fall.
investing.comNov 12, 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.
