Loading…
Oil rose about 3% to a two-week high on Iran war supply concerns, with Brent for July settling at $112.10 and WTI June at $108.66. The IEA said commercial oil inventories had only a few weeks of supply left due to the near-closure of the Strait of Hormuz.
Severe inventory depletion signals tight physical crude, raising energy, freight and fertilizer costs for feed producers. Higher energy prices also support biofuel-linked demand for vegetable oils.
reuters.comScott DisavinoMay 17, 2026After 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.
After 327 past geopolitics events, ULSD / Diesel moved a median +1.0% over 5 sessions (54% higher; middle half -3.9% to +7.5%), and +0.4% 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.
