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ICE Brent settled 5.69% higher on Friday, back above $90 per barrel, its highest since early October. The rise reflected concern over the escalating Israel-Hamas war, Iranian warnings of wider conflict, and US sanctions on companies shipping Russian oil above the G-7 price cap.
Higher crude raises energy and diesel costs for feed and grain logistics, and supports biofuel-linked demand for vegetable oils, which tends to lift feed-input costs.
think.ing.comWarren Patterson, Ewa MantheyOct 16, 2023After 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.
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.
