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US crude jumped more than 3% to close above $77 a barrel as the market awaited a possible Israeli strike on Iran's oil industry. Brent also rose, and both benchmarks had posted their biggest weekly gains since early 2023.
Expectations of a strike on Iranian oil that could disrupt Hormuz flows keep crude elevated, raising energy and transport costs in the feed sector.
cnbc.comSpencer KimballOct 7, 2024After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
