# Oil gains nearly 3% on rising Mideast tension, falling US crude stockpiles | Reuters

> Oil prices rose nearly 3% on July 31 after the killing of a senior Hamas leader in Iran raised fears the Middle East conflict could widen. US crude stocks also fell for a fifth straight week on robust exports, and WTI posted its biggest daily gain since October 2023.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/29439-oil-gains-nearly-3-on-rising-mideast-tension-falling-us-crude-stockpiles-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Higher crude lifts diesel and biofuel feedstock costs, which can support soybean oil, palm oil and corn-based ethanol values. Renewed Middle East supply risk adds a premium to energy prices that feed through to feed-ingredient costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-12-20 | [Oil settles up on Red Sea tensions; gains capped by US stock builds \| Reuters](https://feedsoft.ai/events/32883-oil-settles-up-on-red-sea-tensions-gains-capped-by-us-stock-builds-reuters.md) | +1.3% | +0.4% |
| 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 | 2018-04-11 | [Colombian peso gains on oil, Mideast tensions](https://feedsoft.ai/events/65789-colombian-peso-gains-on-oil-mideast-tensions.md) | +1.6% | +5.2% |
| WTI | 2025-12-29 | [USD/CAD slips to near 1.3650 as Oil prices gain on Middle East tensions](https://feedsoft.ai/events/21733-usd-cad-slips-to-near-1-3650-as-oil-prices-gain-on-middle-east-tensions.md) | +2.7% | +9.7% |
| WTI | 2024-10-07 | [Oil prices extend gains, lifting Brent crude towards $80 on fears of wider Middle East conflict \| Reuters](https://feedsoft.ai/events/10025-oil-prices-extend-gains-lifting-brent-crude-towards-80-on-fears-of-wider-middle.md) | +1.6% | -6.7% |
| BRENT | 2023-12-20 | [Oil settles up on Red Sea tensions; gains capped by US stock builds \| Reuters](https://feedsoft.ai/events/32883-oil-settles-up-on-red-sea-tensions-gains-capped-by-us-stock-builds-reuters.md) | +1.0% | +0.7% |
| BRENT | 2024-09-30 | [Crude Rallies on Middle East Tensions](https://feedsoft.ai/events/28488-crude-rallies-on-middle-east-tensions.md) | +9.6% | +5.6% |
| BRENT | 2018-04-11 | [Colombian peso gains on oil, Mideast tensions](https://feedsoft.ai/events/65789-colombian-peso-gains-on-oil-mideast-tensions.md) | +1.1% | +5.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-claws-back-some-losses-after-israel-retaliates-against-hezbollah-2024-07-31/

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