# Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens

> Oil prices fell more than 4% on Oct 15 to a near two-week low as Iran supply disruption concerns eased and demand outlook weakened. Brent settled at $74.25 and WTI at $70.58.

- Date: 2024-10-15 · published 2024-10-15T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/28029-oil-plunges-4-as-iran-supply-disruption-concerns-ease-demand-outlook-weakens
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Easing supply fears and weaker demand expectations push crude lower, reducing energy costs for feed and biofuel-linked commodities.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-10-01 | [Oil dips nearly 4% on weak demand outlook and higher OPEC output](https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output.md) | +1.7% | -5.3% |
| BRENT | 2022-08-01 | [Oil sinks about 4% after weak factory data sparks demand concerns](https://feedsoft.ai/events/12799-oil-sinks-about-4-after-weak-factory-data-sparks-demand-concerns.md) | -11.9% | -8.8% |
| BRENT | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +21.9% | -26.3% |
| BRENT | 2020-03-29 | [OIL FUTURES: WTI tests $20/b as pandemic-weakened demand outlooks dim](https://feedsoft.ai/events/9204-oil-futures-wti-tests-20-b-as-pandemic-weakened-demand-outlooks-dim.md) | +21.9% | -26.3% |
| BRENT | 2021-03-19 | [Oil battered in ugly week as demand concerns, dollar spur slump](https://feedsoft.ai/events/7045-oil-battered-in-ugly-week-as-demand-concerns-dollar-spur-slump.md) | -1.8% | +5.9% |
| WTI | 2020-10-01 | [Oil dips nearly 4% on weak demand outlook and higher OPEC output](https://feedsoft.ai/events/50818-oil-dips-nearly-4-on-weak-demand-outlook-and-higher-opec-output.md) | -0.6% | -7.0% |
| WTI | 2022-08-01 | [Oil sinks about 4% after weak factory data sparks demand concerns](https://feedsoft.ai/events/12799-oil-sinks-about-4-after-weak-factory-data-sparks-demand-concerns.md) | -9.5% | -6.9% |
| WTI | 2020-03-30 | [Crude oil futures drop as pandemic darkens demand outlook](https://feedsoft.ai/events/5321-crude-oil-futures-drop-as-pandemic-darkens-demand-outlook.md) | +64.1% | -28.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-drop-2-demand-concerns-israel-comments-2024-10-15/

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