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Brent crude rose 3.6% to $68.60 and WTI rose 3.1% to $63.05 after a U.S. air strike killed a top Iranian commander. The session peak for Brent was $69.50, the highest level in the reported session.
Military escalation in the Gulf raises the risk of supply disruption and lifts energy prices quickly. Higher diesel and freight costs would flow through to feed production and transport costs.
reuters.comDevika Krishna KumarJan 3, 2020After 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.
