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Oil prices surged about 20% in early Asian trade on Monday, reaching their highest since July 2022. The rally followed the expanding US and Israeli war with Iran, which led some major Middle East producers to cut supplies.
Supply cuts from key Middle East producers tighten global crude markets and lift energy-linked costs. Higher energy prices feed into diesel, fertilizer and freight, raising feed production costs and supporting vegetable oil and biofuel-linked prices.
reuters.comMar 9, 2026After 626 past bullish geopolitics events, 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, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
After 110 past bullish geopolitics events, SBO moved a median +1.8% over 5 sessions (65% higher; middle half -0.7% to +3.6%), and -0.4% 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.
Oil jumped about 20% in early Asian trade on Middle East producer supply cuts.
