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Oil prices extended gains, pushing Brent toward $80 a barrel on concerns about a wider Middle East conflict. The risk prompted investors to exit record bearish positions.
A broader regional war threatens Gulf export flows, which would tighten crude supply and raise energy costs for feed manufacturers and transport.
reuters.comShariq KhanOct 7, 2024After 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.
