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Trump said on social media that the US did not need a deal with Iran and had 'got their Strait', sending oil prices around flat to slightly higher. Brent traded near $93.29 and WTI near $86.05, with WTI down about 16% in November as fighting concerns eased earlier in the week.
Renewed uncertainty over a US-Iran settlement keeps a risk premium in crude, which feeds through to diesel and freight costs for grain and feed logistics.
cnbc.comDeena Zaidi, Fred ImbertNov 12, 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.
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.
