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Oil prices have been unusually volatile since the Iran conflict began, trading more than a third above pre-war levels of about $71 a barrel. The explainer attributes the swings to strikes on shipping and energy infrastructure, the effective closure of the Strait of Hormuz, and comments from world leaders.
The Strait of Hormuz carries roughly a fifth of global oil supply, so sustained disruption keeps crude and energy-linked input costs high, feeding into biofuel margins and feed production costs.
bbc.comJemma CrewMar 12, 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.
