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Oil futures finished higher for a third straight session, with WTI up about 5% to settle at $73.71, its highest close since late August. Traders were awaiting Israel's response to Iran's missile barrage, and concerns over disruption to regional crude flows were growing.
Rising risk of a wider Middle East conflict that could disrupt crude exports supports higher energy costs, with knock-on effects for feed transport and processing.
marketwatch.comMyra P. Saefong,William WattsOct 3, 2024After 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.
After 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.
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 a third straight session as traders awaited Israel's response and feared regional crude flow disruption.
