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The International Energy Forum condemned attacks on Saudi oil facilities at Ras Tanura and a drone strike on a Riyadh refinery in March. The group said the attacks briefly pushed oil above $70 a barrel and cited IEA forecasts that gasoline demand may not return to pre-pandemic levels.
Attacks on energy infrastructure raise supply risk and support crude prices, while weaker long-run gasoline demand is a bearish offset for the energy complex.
ief.orgMar 31, 2021After 626 past bullish geopolitics events, 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, 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.
