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Oil jumped about 7% on Wednesday as US and Saudi strikes hit Iran-backed groups in Iraq and Iran fired on ships and US bases. Brent rose to about $90.32 and WTI to $84.41 after Trump promised retaliatory strikes and Tehran rejected Oman's Hormuz management proposal.
Renewed military escalation and Hormuz disruption sharply raise crude and energy costs, feeding through to diesel, freight and biofuel-linked vegetable oil prices.
rte.ieRTÉ NewsJul 29, 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.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% 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.
