# Oil rises to 7-year high as Turkey outage adds to tight supply outlook

> Oil rose to a seven-year high on January 18, 2022, with Brent settling at $88.44 a barrel after Botas cut flows on the Kirkuk-Ceyhan pipeline following an explosion. Analysts forecast tight 2022 supply, with some calling for $100 oil, while Russia and UAE tensions added to supply concerns.

- Date: 2022-01-19 · published 2022-01-19T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43294-oil-rises-to-7-year-high-as-turkey-outage-adds-to-tight-supply-outlook
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A sustained crude rally lifts diesel, freight and fertilizer costs for feed mills and supports vegetable oil prices through biofuel demand. The pipeline outage adds to an already tight supply outlook.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-04-18 | [Oil rises over 1% as Libya outages add to Russia supply fears](https://feedsoft.ai/events/42013-oil-rises-over-1-as-libya-outages-add-to-russia-supply-fears.md) | -4.8% | +0.5% |
| BRENT | 2024-03-28 | [Oil rises more than $1 a barrel on tighter supply outlook](https://feedsoft.ai/events/31366-oil-rises-more-than-1-a-barrel-on-tighter-supply-outlook.md) | +5.8% | +3.6% |
| BRENT | 2018-06-28 | [Oil trades near three-year high as Libya crisis tightens supply](https://feedsoft.ai/events/64674-oil-trades-near-three-year-high-as-libya-crisis-tightens-supply.md) | +0.7% | -4.0% |
| BRENT | 2018-06-29 | [Oil hits new multi-year high as market tightens on lost supply](https://feedsoft.ai/events/8782-oil-hits-new-multi-year-high-as-market-tightens-on-lost-supply.md) | +0.2% | -3.3% |
| BRENT | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -0.9% | -4.7% |
| WTI | 2022-04-18 | [Oil rises over 1% as Libya outages add to Russia supply fears](https://feedsoft.ai/events/42013-oil-rises-over-1-as-libya-outages-add-to-russia-supply-fears.md) | -4.0% | +3.4% |
| WTI | 2024-03-28 | [Oil rises more than $1 a barrel on tighter supply outlook](https://feedsoft.ai/events/31366-oil-rises-more-than-1-a-barrel-on-tighter-supply-outlook.md) | +6.4% | +3.2% |
| WTI | 2018-06-28 | [Oil trades near three-year high as Libya crisis tightens supply](https://feedsoft.ai/events/64674-oil-trades-near-three-year-high-as-libya-crisis-tightens-supply.md) | -3.7% | -6.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/01/19/oil-markets-middle-east-tensions-iraq-turkey-pipeline.html

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