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Crude supply to Europe from the Middle East has nearly halved as Houthi attacks force tankers to avoid the Red Sea. Brent's market structure reached its most bullish level in two months after US and UK strikes in Yemen.
Longer voyages and tighter physical supply in Europe push crude and product prices higher, raising diesel and freight costs.
aljazeera.comJan 20, 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 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.
