# Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran | Reuters

> Oil settled at a three-week high after climbing about 2% on expectations of further sanctions on Russia and Iran. Brent settled at $74.49 and WTI at $71.29.

- Date: 2024-12-13 · published 2024-12-13T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/27116-oil-up-2-settles-at-3-week-high-as-more-sanctions-loom-on-russia-iran-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

New sanctions on major exporters tighten crude supply expectations, raising energy costs for feed mills and supporting vegetable oil and biofuel demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-01-15 | [Oil rallies, settles at multi-month high on US crude draw, Russia sanctions](https://feedsoft.ai/events/26673-oil-rallies-settles-at-multi-month-high-on-us-crude-draw-russia-sanctions.md) | -2.7% | -8.2% |
| WTI | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +8.5% | +25.0% |
| WTI | 2026-01-12 | [Oil prices settle at 7-week high on worries about Iran exports \| Reuters](https://feedsoft.ai/events/11391-oil-prices-settle-at-7-week-high-on-worries-about-iran-exports-reuters.md) | +0.7% | +9.3% |
| WTI | 2025-02-19 | [Oil holds near one-week high on supply concerns, sanctions on Russia eyed \| Reuters](https://feedsoft.ai/events/26210-oil-holds-near-one-week-high-on-supply-concerns-sanctions-on-russia-eyed-reuters.md) | -4.2% | -6.7% |
| WTI | 2022-02-22 | [Oil settles near 2014 high on Russia-Ukraine escalation \| Reuters](https://feedsoft.ai/events/42857-oil-settles-near-2014-high-on-russia-ukraine-escalation-reuters.md) | +5.3% | +23.0% |
| BRENT | 2025-01-15 | [Oil rallies, settles at multi-month high on US crude draw, Russia sanctions](https://feedsoft.ai/events/26673-oil-rallies-settles-at-multi-month-high-on-us-crude-draw-russia-sanctions.md) | -1.5% | -4.7% |
| BRENT | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +9.5% | +25.6% |
| BRENT | 2026-01-12 | [Oil prices settle at 7-week high on worries about Iran exports \| Reuters](https://feedsoft.ai/events/11391-oil-prices-settle-at-7-week-high-on-worries-about-iran-exports-reuters.md) | +2.0% | +7.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-edges-lower-2025-supply-surplus-forecast-set-notch-weekly-gain-2024-12-13/

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