# Oil prices settle up 3% on supply concerns after oilfield shutdown in Libya

> Oil prices settled up about 3% after a disruption at Libya's top oilfield heightened fears about Middle East tensions and global supply. Brent rose $2.36 to $78.25 and WTI rose $2.32 to $72.70.

- Date: 2024-01-03 · published 2024-01-03T12:00:00.000Z
- Category: geopolitics · region Libya · magnitude medium
- Page: https://feedsoft.ai/events/32314-oil-prices-settle-up-3-on-supply-concerns-after-oilfield-shutdown-in-libya
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A supply outage in a major exporter adds a risk premium to crude, which raises energy costs for feed producers.

## Read by commodity

- 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 | 2023-12-27 | [Diesel Prices Rebound After 8-Week Decline on Supply Concerns](https://feedsoft.ai/events/32880-diesel-prices-rebound-after-8-week-decline-on-supply-concerns.md) | -3.6% | +0.5% |
| 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 | 2023-08-31 | [Oil Supply Prices: Oil prices up on tighter supply, China PMI in focus, ETAuto](https://feedsoft.ai/events/34759-oil-supply-prices-oil-prices-up-on-tighter-supply-china-pmi-in-focus-etauto.md) | +5.7% | +12.3% |
| 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% |
| 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 | 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% |
| WTI | 2023-08-31 | [Oil Supply Prices: Oil prices up on tighter supply, China PMI in focus, ETAuto](https://feedsoft.ai/events/34759-oil-supply-prices-oil-prices-up-on-tighter-supply-china-pmi-in-focus-etauto.md) | +6.4% | +12.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-rise-sustained-red-sea-shipping-tensions-2024-01-03/

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