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Brent rose 34 cents, or 0.5%, to $73.17 and WTI gained 16 cents to $68.88. Israel and Hezbollah traded accusations of ceasefire violations, and trading was thin due to the US Thanksgiving holiday.
Middle East tensions add a modest risk premium to crude, which can raise diesel and fertilizer input costs, but the move is small and thin trade limits the impact.
reuters.comPaul Carsten, Nia WilliamsNov 28, 2024After 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.
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.
