# Oil rises, bringing rally to more than 9% this week

> Oil futures rose on Friday, with U.S. crude up more than 9% for the week and Brent gaining about 5%, on fears of a U.S. attack on Iran. A fire at the Philadelphia Energy Solutions refinery also lifted gasoline futures, while an OPEC meeting and possible U.S.-China trade easing added support.

- Date: 2019-06-21 · published 2019-06-21T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/12315-oil-rises-bringing-rally-to-more-than-9-this-week
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Fears of conflict in the Middle East, which supplies more than a fifth of world oil, are the main driver of the rally and raise energy and freight costs for feed buyers. The refinery outage tightens regional fuel supply, adding to the upward price pressure.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-03-28 | [Oil rises more than $1 a barrel on tighter supply outlook](https://feedsoft.ai/events/31366-oil-rises-more-than-1-a-barrel-on-tighter-supply-outlook.md) | +6.4% | +3.2% |
| WTI | 2026-10-28 | [Arab News \| Oil rises more than 1% as supply concerns persist](https://feedsoft.ai/events/17239-arab-news-oil-rises-more-than-1-as-supply-concerns-persist.md) | -2.1% | — |
| WTI | 2024-11-22 | [Oil gains more than 5% for the week as Ukraine war intensifies](https://feedsoft.ai/events/27588-oil-gains-more-than-5-for-the-week-as-ukraine-war-intensifies.md) | -3.0% | -0.9% |
| WTI | 2018-09-28 | [Why The Oil Rally Is Slowing Down \| OilPrice.com](https://feedsoft.ai/events/63203-why-the-oil-rally-is-slowing-down-oilprice-com.md) | +3.1% | -6.8% |
| WTI | 2025-06-17 | [Oil prices rise more than 4% as Iran-Israel conflict escalates \| Reuters](https://feedsoft.ai/events/10994-oil-prices-rise-more-than-4-as-iran-israel-conflict-escalates-reuters.md) | -9.9% | -6.8% |
| BRENT | 2024-03-28 | [Oil rises more than $1 a barrel on tighter supply outlook](https://feedsoft.ai/events/31366-oil-rises-more-than-1-a-barrel-on-tighter-supply-outlook.md) | +5.8% | +3.6% |
| BRENT | 2026-10-28 | [Arab News \| Oil rises more than 1% as supply concerns persist](https://feedsoft.ai/events/17239-arab-news-oil-rises-more-than-1-as-supply-concerns-persist.md) | -4.7% | — |
| BRENT | 2024-11-22 | [Oil gains more than 5% for the week as Ukraine war intensifies](https://feedsoft.ai/events/27588-oil-gains-more-than-5-for-the-week-as-ukraine-war-intensifies.md) | -1.7% | -1.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/06/21/oil-markets-middle-east-tensions-the-fed-in-focus.html

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