Crude fell about 2% after talk of renewed Iran nuclear negotiations and a larger-than-expected US crude stock build of 4.27 million barrels. WTI settled at $82.66 and Brent at $84.58.
Prospects of Iranian barrels returning to market and bigger US stocks pressure crude, easing energy and freight costs for feed buyers.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.