
Brent rose 13.6% in October to settle at $117.64, its six-month high, while WTI gained 15.2%. Attacks on Saudi energy infrastructure, a projectile striking a tanker in the Strait of Hormuz, and possible renewed US strikes on Iran raised supply concerns.
Monthly gains of this size reflect a large geopolitical risk premium tied to Gulf shipping and infrastructure threats. Energy costs for feed producers are likely to stay high while those risks persist.
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 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.
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.