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Brent crude rose nearly 3% to $93.90 a barrel on Wednesday and WTI gained about 2% to $87.98, while heating oil jumped 4.1%. Iran denied negotiating with Washington, and analysts saw no near-term end to the war, after Brent had lost about 21% since the start of November on hopes of de-escalation.
Renewed Middle East supply risk lifts energy costs, which feed into diesel, fertilizer and freight costs for feed producers and can support vegetable oil and biofuel-linked prices. Traffic through Hormuz would not normalize quickly even with a deal, so the risk premium may persist.
oilprice.comCharles KennedyNov 11, 2026After 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 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 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
