# Crude oil prices today: WTI rises as Biden comments on Middle East risk

> US crude rose about 5% on Thursday, its third straight daily gain, after President Biden commented on whether the US would support an Israeli strike on Iranian oil facilities. WTI was on track for its best weekly gain since March 2023.

- Date: 2024-10-03 · published 2024-10-03T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/10027-crude-oil-prices-today-wti-rises-as-biden-comments-on-middle-east-risk
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Fears of retaliation against Iranian oil infrastructure and possible Hormuz disruption add a significant risk premium that raises energy and freight costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-10-06 | 5 | +9.8% | 3.2 | Biden's comments on a possible Israeli strike on Iranian oil facilities pushed crude about 5% higher on Oct 3, adding to risk premium. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-04-12 | [Crude oil prices today: WTI, Brent rise as Israel braces for Iran attack](https://feedsoft.ai/events/30930-crude-oil-prices-today-wti-brent-rise-as-israel-braces-for-iran-attack.md) | -2.7% | -6.1% |
| WTI | 2024-02-27 | [Crude oil prices today: WTI, Brent rise on Gaza cease-fire uncertainty](https://feedsoft.ai/events/31852-crude-oil-prices-today-wti-brent-rise-on-gaza-cease-fire-uncertainty.md) | +1.5% | +5.2% |
| WTI | 2018-04-15 | [Bullish forecast for oil prices as Middle East tensions rise](https://feedsoft.ai/events/65725-bullish-forecast-for-oil-prices-as-middle-east-tensions-rise.md) | +1.4% | +4.9% |
| WTI | 2024-10-03 | [Oil prices turn higher for the year on risks to crude flow in the Middle East - MarketWatch](https://feedsoft.ai/events/10030-oil-prices-turn-higher-for-the-year-on-risks-to-crude-flow-in-the-middle-east.md) | +4.4% | -2.4% |
| 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% |
| BRENT | 2024-04-12 | [Crude oil prices today: WTI, Brent rise as Israel braces for Iran attack](https://feedsoft.ai/events/30930-crude-oil-prices-today-wti-brent-rise-as-israel-braces-for-iran-attack.md) | -3.2% | -7.8% |
| BRENT | 2024-02-27 | [Crude oil prices today: WTI, Brent rise on Gaza cease-fire uncertainty](https://feedsoft.ai/events/31852-crude-oil-prices-today-wti-brent-rise-on-gaza-cease-fire-uncertainty.md) | +1.7% | +3.8% |
| BRENT | 2018-04-15 | [Bullish forecast for oil prices as Middle East tensions rise](https://feedsoft.ai/events/65725-bullish-forecast-for-oil-prices-as-middle-east-tensions-rise.md) | +2.0% | +6.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/10/03/crude-oil-prices-today.html

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