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Oil prices climbed about 3% after Iran fired a salvo of missiles at Israel. Brent settled at $73.56 a barrel and WTI at $69.83.
The missile attack raised the risk of wider regional conflict affecting Gulf crude flows, which lifts energy costs for feed producers and shippers.
bloomberg.comAntonia MufarechSep 30, 2024
reuters.comScott DisavinoOct 1, 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.
Oil rose about 3% after Iran's missile launch, establishing the base of the weekly move.
