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Brent crude rose 7% to a four-year high of $126.41 a barrel in Asian trading as the Strait of Hormuz remained blockaded. Traders also cited reports that the US was considering renewed military action against Iran and continued supply tightness.
A prolonged Hormuz blockade would sharply raise crude, diesel and freight costs, and would push up fertilizer and feed ingredient prices across global supply chains.
argusmedia.comRhalain Reyes, Kevin FosterMar 25, 2024After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
