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Oil briefly rose above $70 a barrel for the first time in 14 months on March 7 after Saudi Arabia reported drone and missile attacks on its energy facilities, including Ras Tanura. Saudi officials said no injuries or production losses occurred, but the rally faded as investors weighed the attack.
Attacks on the largest exporter raise supply risk premiums, supporting crude and biofuel-linked vegetable oil values even though no output was lost.
ft.comAnjli Raval, David SheppardMar 7, 2021After 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.
After 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.
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.
