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Brent briefly rose above $70 a barrel and WTI hit its highest level since April after the U.S. killed a top Iranian general. Eurasia Group said further lethal action and attacks on energy infrastructure were probable.
Expectations of attacks on Middle East energy infrastructure lift the geopolitical risk premium in crude, raising diesel and transport costs for feed.
cnbc.comSam MeredithJan 7, 2020After 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.
