# Oil settles lower, shrugs off Saudi attack after climbing above $70/bbl

> 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.

- Date: 2021-03-08 · published 2021-03-08T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/48294-oil-settles-lower-shrugs-off-saudi-attack-after-climbing-above-70-bbl
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Geopolitical risk to Saudi supply lifted crude, which supports biofuel and vegetable oil values, though the muted settlement limits the lasting price effect.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-07 | [Oil price rises above $70 after attacks on Saudi oil facilities](https://feedsoft.ai/events/48297-oil-price-rises-above-70-after-attacks-on-saudi-oil-facilities.md) | -0.7% | -11.2% |
| WTI | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.6% | -9.7% |
| WTI | 2019-09-16 | [Oil Prices Log Historic Rally After Saudi Attack - WSJ](https://feedsoft.ai/events/5709-oil-prices-log-historic-rally-after-saudi-attack-wsj.md) | +5.8% | -0.1% |
| WTI | 2019-09-16 | [Oil Surges Most in Decades After Attack on Heart of Saudi Oil Industry](https://feedsoft.ai/events/57238-oil-surges-most-in-decades-after-attack-on-heart-of-saudi-oil-industry.md) | +5.8% | -0.1% |
| WTI | 2019-09-15 | [Brent crude oil spikes the most in history after Saudi attacks](https://feedsoft.ai/events/57247-brent-crude-oil-spikes-the-most-in-history-after-saudi-attacks.md) | +5.8% | -0.1% |
| BRENT | 2021-03-07 | [Oil price rises above $70 after attacks on Saudi oil facilities](https://feedsoft.ai/events/48297-oil-price-rises-above-70-after-attacks-on-saudi-oil-facilities.md) | -0.9% | -9.6% |
| BRENT | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.4% | -12.8% |
| BRENT | 2019-09-16 | [Oil Prices Log Historic Rally After Saudi Attack - WSJ](https://feedsoft.ai/events/5709-oil-prices-log-historic-rally-after-saudi-attack-wsj.md) | +6.6% | -0.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-settles-lower-shrugs-off-saudi-attack-after-climbing-above-70bbl-2021-03-08/

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