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Crude oil and gasoline futures rose after President Trump said the US did not need a deal with Iran, erasing overnight losses. Iran continued attacks on ships in the Strait of Hormuz, and Saudi pipeline and infrastructure were targeted, while the dollar index hit a 1.5-year high and EIA inventories rose unexpectedly.
A stronger dollar and renewed Middle East supply risk pull in opposite directions for feed commodities, but sustained crude strength lifts biofuel feedstock and freight costs.
barchart.comRich AsplundNov 12, 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 89 past bullish geopolitics events, US Dollar (Broad) moved a median +0.5% over 5 sessions (74% higher; middle half -0.0% to +1.0%), and +0.3% 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.
