# Crude Oil Jumps on Middle East Tensions and an Unexpected Draw in EIA Inventories

> December WTI rose about 2.5% on Wednesday as lingering Middle East tensions supported prices after Israel vowed to strike Iran hard if attacked again. An unexpected draw in EIA crude and gasoline inventories and a Reuters report that OPEC+ could delay a December output hike also lifted crude.

- Date: 2024-10-30 · published 2024-10-30T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/28034-crude-oil-jumps-on-middle-east-tensions-and-an-unexpected-draw-in-eia
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude from geopolitical risk and a tighter US balance raises energy costs for feed mills and supports vegetable oil and biofuel values.

## Read by commodity

- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-09-30 | [Crude Rallies on Middle East Tensions](https://feedsoft.ai/events/28488-crude-rallies-on-middle-east-tensions.md) | +9.1% | +5.0% |
| WTI | 2025-06-11 | [Oil prices jumps 4% to 2-month high as tensions rise in Middle East \| Reuters](https://feedsoft.ai/events/11156-oil-prices-jumps-4-to-2-month-high-as-tensions-rise-in-middle-east-reuters.md) | +15.2% | +5.8% |
| WTI | 2024-10-08 | [CO Futures Close Higher Amid Middle East Tensions, Crude Oil Rally – MPOC](https://feedsoft.ai/events/7765-co-futures-close-higher-amid-middle-east-tensions-crude-oil-rally-mpoc.md) | -2.9% | -7.5% |
| WTI | 2019-06-14 | [Oil Market: Middle East tanker attacks, US-Iran tensions in focus](https://feedsoft.ai/events/58767-oil-market-middle-east-tanker-attacks-us-iran-tensions-in-focus.md) | +8.5% | +14.7% |
| WTI | 2025-06-13 | [Traders pile into $80 US oil bets as tensions rise in Middle East](https://feedsoft.ai/events/11154-traders-pile-into-80-us-oil-bets-as-tensions-rise-in-middle-east.md) | +10.2% | +1.1% |

## Sources

- barchart.com: https://www.barchart.com/story/news/29302408/crude-oil-jumps-on-middle-east-tensions-and-an-unexpected-draw-in-eia-inventories

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