Loading…
Oil prices rallied on Thursday as disruption to global supplies from the U.S.-Israeli war with Iran grew. WTI settled up 8.5% at $81.01, its highest since July 2024, and Brent rose about 4.9% to $85.41; Washington said it may act in the futures market to curb energy prices.
Iraq and Qatar shutting in production and Kuwait and the UAE possibly following tightens crude and LNG supply, supporting higher energy and freight costs for feed producers.
reuters.comGeorgina MccartneyMar 5, 2026After 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.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% 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.
Directly reports the March 5 oil rally as the Iran conflict widened and supply disruption grew, with Brent up about 4.9% and WTI up 8.5%.
Another ~5% Brent gain on widening conflict and growing supply disruption, within the measured window.
WTI jumped 8.5% to $81 as supply disruption widened and the US signaled possible futures-market action.
The March 5 rally on widening disruption and a Washington warning about futures intervention set up the March 6 follow-through, but it explains less of the 8.3% move than the March 6 reports.
