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Brent settled up $1.00 at $101.22 and U.S. crude rose $1.15 to $94.89 a barrel, after both benchmarks fell more than $1 earlier in the session. Traders reacted to U.S. comments on a possible Iran nuclear deal that could return Iranian oil to the market.
Prospects of returning Iranian barrels cap crude upside, which in turn limits biofuel-driven support for vegetable oils and soybean oil.
reuters.comLaura SanicolaAug 24, 2022After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% 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.
