# Oil prices extend gains, lifting Brent crude towards $80 on fears of wider Middle East conflict | Reuters

> 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.

- Date: 2024-10-07 · published 2024-10-07T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/10025-oil-prices-extend-gains-lifting-brent-crude-towards-80-on-fears-of-wider-middle
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A broader regional war threatens Gulf export flows, which would tighten crude supply and raise energy costs for feed manufacturers and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-09-07 | [Oil prices rise to six-week highs on worsening Middle East conflict \| Reuters](https://feedsoft.ai/events/17631-oil-prices-rise-to-six-week-highs-on-worsening-middle-east-conflict-reuters.md) | +12.0% | +18.6% |
| BRENT | 2026-03-15 | [Oil poised for further gains as Middle East conflict threatens export facilities \| Reuters](https://feedsoft.ai/events/6639-oil-poised-for-further-gains-as-middle-east-conflict-threatens-export.md) | +11.7% | +7.3% |
| BRENT | 2024-10-31 | [Oil Rises On Middle East Conflict Escalation Fears](https://feedsoft.ai/events/28028-oil-rises-on-middle-east-conflict-escalation-fears.md) | +3.9% | +0.7% |
| BRENT | 2024-10-03 | [Crude oil prices today: WTI rises as Biden comments on Middle East risk](https://feedsoft.ai/events/10027-crude-oil-prices-today-wti-rises-as-biden-comments-on-middle-east-risk.md) | +3.3% | -2.0% |
| BRENT | 2023-10-09 | [Middle East conflict fuels rise in commodity prices \| Reuters](https://feedsoft.ai/events/9277-middle-east-conflict-fuels-rise-in-commodity-prices-reuters.md) | +7.4% | +0.0% |
| WTI | 2026-09-07 | [Oil prices rise to six-week highs on worsening Middle East conflict \| Reuters](https://feedsoft.ai/events/17631-oil-prices-rise-to-six-week-highs-on-worsening-middle-east-conflict-reuters.md) | +9.3% | +3.6% |
| WTI | 2026-03-15 | [Oil poised for further gains as Middle East conflict threatens export facilities \| Reuters](https://feedsoft.ai/events/6639-oil-poised-for-further-gains-as-middle-east-conflict-threatens-export.md) | +0.0% | +1.6% |
| WTI | 2024-10-31 | [Oil Rises On Middle East Conflict Escalation Fears](https://feedsoft.ai/events/28028-oil-rises-on-middle-east-conflict-escalation-fears.md) | +4.5% | +0.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-pares-gains-after-strongest-weekly-rise-over-year-2024-10-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.