# Oil settles over 1% higher on mounting tension in Europe, Mideast

> Brent settled up $1.08 at $85.33 a barrel after a Ukrainian drone strike caused a large fire at a fuel tank. Tensions in Europe and the Middle East supported prices.

- Date: 2024-06-18 · published 2024-06-18T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/29927-oil-settles-over-1-higher-on-mounting-tension-in-europe-mideast
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Supply-risk premiums raise energy and freight costs that feed into livestock feed and vegetable oil pricing.

## Read by commodity

- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-04-26 | [Oil settles higher on supply concerns in the Mideast, economic woes subdue gains \| Reuters](https://feedsoft.ai/events/30632-oil-settles-higher-on-supply-concerns-in-the-mideast-economic-woes-subdue-gains.md) | -5.2% | -8.5% |
| WTI | 2019-05-27 | [Oil up more than 1% on Mideast tensions and supply cuts](https://feedsoft.ai/events/59236-oil-up-more-than-1-on-mideast-tensions-and-supply-cuts.md) | -8.5% | -1.9% |
| WTI | 2026-07-23 | [Oil settles over $100 as Houthi attacks intensify Middle East supply risks \| Reuters](https://feedsoft.ai/events/9925-oil-settles-over-100-as-houthi-attacks-intensify-middle-east-supply-risks.md) | -7.9% | -6.4% |
| WTI | 2017-11-07 | [Oil eases but Saudi tensions keep 2-1/2 year highs in sight](https://feedsoft.ai/events/68168-oil-eases-but-saudi-tensions-keep-2-1-2-year-highs-in-sight.md) | -1.0% | +0.5% |
| WTI | 2025-02-24 | [Oil settles higher on fresh Iran sanctions, Iraq commitment to OPEC+](https://feedsoft.ai/events/26209-oil-settles-higher-on-fresh-iran-sanctions-iraq-commitment-to-opec.md) | -1.0% | -3.1% |
| BRENT | 2024-04-26 | [Oil settles higher on supply concerns in the Mideast, economic woes subdue gains \| Reuters](https://feedsoft.ai/events/30632-oil-settles-higher-on-supply-concerns-in-the-mideast-economic-woes-subdue-gains.md) | -4.9% | -9.3% |
| BRENT | 2019-05-27 | [Oil up more than 1% on Mideast tensions and supply cuts](https://feedsoft.ai/events/59236-oil-up-more-than-1-on-mideast-tensions-and-supply-cuts.md) | -9.0% | -4.9% |
| BRENT | 2026-07-23 | [Oil settles over $100 as Houthi attacks intensify Middle East supply risks \| Reuters](https://feedsoft.ai/events/9925-oil-settles-over-100-as-houthi-attacks-intensify-middle-east-supply-risks.md) | -9.5% | -7.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-up-firming-demand-mideast-tensions-underpin-risk-premium-2024-06-18/

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