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WTI settled near $82.73 and Brent near $87.11 as traders unwound the geopolitical risk premium. Israel refrained from an immediate counterattack after Iran's weekend air assault, reducing fears of a wider war.
Reduced war risk removes a supply-premium from crude, easing fuel and fertilizer cost pressures. Lower energy prices can also soften the cost of transporting feed ingredients.
cnbc.comSpencer KimballApr 18, 2024After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
