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Oil rose on Oct 31 after Axios reported Iran may strike Israel from Iraq before the US election, and as OPEC+ might postpone a December output increase. Brent settled at $73.16 and WTI at $69.26.
Supply-risk headlines and possible OPEC+ delay support crude prices, which feed into energy and biofuel-linked vegetable oil costs.
db.forbesmiddleeast.comSamra Ahmed, Sana Tahir, Muhammad AddamOct 31, 2024After 626 past bullish geopolitics events, 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, 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.
