# Supply, geopolitics put oil on track - Markets - Business Recorder

> Oil prices were on track for their biggest monthly gain in almost a year on January 31, 2022, with Brent trading near $89 and WTI near $87.38. Benchmarks hit their highest since October 2014 on Friday, supported by supply shortages and tensions in Eastern Europe and the Middle East.

- Date: 2022-01-31 · published 2022-01-31T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43296-supply-geopolitics-put-oil-on-track-markets-business-recorder
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Crude near seven-year highs raises energy and logistics costs across feed supply chains and supports vegetable oil and biofuel-linked demand. Expectations of steady OPEC+ increases limit further upside.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-07-22 | [Chicago wheat jumps on renewed attacks on Black Sea ports - Markets - Business Recorder](https://feedsoft.ai/events/9558-chicago-wheat-jumps-on-renewed-attacks-on-black-sea-ports-markets-business.md) | -6.2% | +0.4% |
| WTI | 2026-07-24 | [Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder](https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply.md) | -7.1% | -8.3% |
| WTI | 2022-05-31 | [C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder](https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder.md) | +3.0% | -1.7% |
| WTI | 2024-10-04 | [Palm surges on Middle East conflict, records highest weekly gain in 16 months - Markets - Business Recorder](https://feedsoft.ai/events/7764-palm-surges-on-middle-east-conflict-records-highest-weekly-gain-in-16-months.md) | +2.9% | -6.3% |
| WTI | 2019-09-16 | [Oil surges as Saudi attack focuses market on supply risks](https://feedsoft.ai/events/5707-oil-surges-as-saudi-attack-focuses-market-on-supply-risks.md) | +5.8% | -0.1% |
| BRENT | 2026-07-24 | [Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder](https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply.md) | -10.4% | -9.4% |
| BRENT | 2022-03-07 | [India rupee falls to lifetime low as oil prices surge; yields rise - Markets - Business Recorder](https://feedsoft.ai/events/42547-india-rupee-falls-to-lifetime-low-as-oil-prices-surge-yields-rise-markets.md) | -4.6% | -13.0% |
| BRENT | 2022-05-31 | [C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder](https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder.md) | +0.8% | -3.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40151201

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