Loading…
Saudi Arabia's crude output fell by about 1.9 million barrels per day to 6.24 million in August, down 23% from July, according to OPEC data. The drop is attributed to the Iran war and Houthi threats to key export routes.
Saudi Arabia is OPEC's largest producer, so a sharp output loss tightens global crude supply and supports higher oil and diesel prices. That feeds through to farm fuel and freight costs.
wsj.comGiulia PetroniOct 1, 2026After 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.
After 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.
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.
