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Brent briefly climbed to $71.38 a barrel on March 8, its highest since January 2020, after an attack on Saudi facilities. It settled down $1.12 at $68.24 as traders shrugged off the attack.
Geopolitical risk to Saudi supply lifted crude, which supports biofuel and vegetable oil values, though the muted settlement limits the lasting price effect.
reuters.comFlorence TanMar 8, 2021After 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.
