# Oil settles higher on supply concerns in the Mideast, economic woes subdue gains | Reuters

> Oil settled higher on Friday on Middle East supply tensions, but a strong dollar and hot US inflation data cut hopes for near-term Fed rate cuts. The gains were limited by the macro backdrop.

- Date: 2024-04-26 · published 2024-04-26T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/30632-oil-settles-higher-on-supply-concerns-in-the-mideast-economic-woes-subdue-gains
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher crude supports biofuel economics and feedstock demand for soybean oil and corn, but a firm dollar limits the upside for commodity prices.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +12.3% | +35.0% |
| BRENT | 2024-10-04 | [Oil settles up, biggest weekly gains in over a year on Middle East war risk \| Reuters](https://feedsoft.ai/events/10024-oil-settles-up-biggest-weekly-gains-in-over-a-year-on-middle-east-war-risk.md) | +2.4% | -5.7% |
| BRENT | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -5.7% | -24.9% |
| BRENT | 2024-06-18 | [Oil settles over 1% higher on mounting tension in Europe, Mideast](https://feedsoft.ai/events/29927-oil-settles-over-1-higher-on-mounting-tension-in-europe-mideast.md) | +3.6% | +2.7% |
| BRENT | 2026-03-20 | [Oil jumps to highest settlement since July 2022 as more Mideast supply disrupted \| Reuters](https://feedsoft.ai/events/6636-oil-jumps-to-highest-settlement-since-july-2022-as-more-mideast-supply.md) | +0.8% | -14.0% |
| WTI | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +16.5% | +35.8% |
| WTI | 2024-10-04 | [Oil settles up, biggest weekly gains in over a year on Middle East war risk \| Reuters](https://feedsoft.ai/events/10024-oil-settles-up-biggest-weekly-gains-in-over-a-year-on-middle-east-war-risk.md) | +2.9% | -6.3% |
| WTI | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -8.1% | -22.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-rise-us-official-eases-market-concerns-over-economic-headwinds-2024-04-26/

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