# Oil gains more than $2 after settlement on reports Iran preparing Israel attack

> WTI crude futures jumped about $2.15 (3.1%) to $70.76 after settlement on Oct 31 following reports that Iran was preparing an attack on Israel. Brent for January delivery rose about $2.10 to $74.26.

- Date: 2024-10-31 · published 2024-10-31T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/28023-oil-gains-more-than-2-after-settlement-on-reports-iran-preparing-israel-attack
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Middle East supply-risk premium lifts crude prices, which raises energy input costs and can support soyoil and vegetable oil prices via biofuel links.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-11-14 | [Oil settles up more than 2% as Russian port suspends oil exports after Ukrainian attack \| Reuters](https://feedsoft.ai/events/22138-oil-settles-up-more-than-2-as-russian-port-suspends-oil-exports-after-ukrainian.md) | +0.8% | -2.9% |
| WTI | 2019-10-11 | [Oil rises 2% after reports of Iranian tanker attack \| Reuters](https://feedsoft.ai/events/56737-oil-rises-2-after-reports-of-iranian-tanker-attack-reuters.md) | +0.6% | +6.4% |
| WTI | 2026-08-30 | [Oil settles up by more than 2.5% as US and Iran resume military attacks \| Reuters](https://feedsoft.ai/events/18065-oil-settles-up-by-more-than-2-5-as-us-and-iran-resume-military-attacks-reuters.md) | +9.6% | +4.0% |
| WTI | 2024-04-16 | [Oil prices hold firm as U.S. weighs added sanctions on Iran oil exports after attack on Israel](https://feedsoft.ai/events/30933-oil-prices-hold-firm-as-u-s-weighs-added-sanctions-on-iran-oil-exports-after.md) | -2.8% | -6.7% |
| WTI | 2026-08-31 | [Oil prices settle up more than $4 a barrel on renewed US-Iran fighting \| Reuters](https://feedsoft.ai/events/17635-oil-prices-settle-up-more-than-4-a-barrel-on-renewed-us-iran-fighting-reuters.md) | +9.6% | +4.0% |
| BRENT | 2025-11-14 | [Oil settles up more than 2% as Russian port suspends oil exports after Ukrainian attack \| Reuters](https://feedsoft.ai/events/22138-oil-settles-up-more-than-2-as-russian-port-suspends-oil-exports-after-ukrainian.md) | +1.5% | -1.6% |
| BRENT | 2019-10-11 | [Oil rises 2% after reports of Iranian tanker attack \| Reuters](https://feedsoft.ai/events/56737-oil-rises-2-after-reports-of-iranian-tanker-attack-reuters.md) | +0.9% | +5.7% |
| BRENT | 2026-08-30 | [Oil settles up by more than 2.5% as US and Iran resume military attacks \| Reuters](https://feedsoft.ai/events/18065-oil-settles-up-by-more-than-2-5-as-us-and-iran-resume-military-attacks-reuters.md) | +10.8% | +22.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-rise-optimism-over-solid-us-fuel-demand-2024-10-31/

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