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Oil prices jumped after an attack on a Saudi plant disrupted supply, with the increase matching the 1991 Gulf War spike. Analysts said Middle East tensions could keep prices elevated for some time.
The wider economic impact depends on how long the Saudi disruption lasts.
Prolonged loss of Saudi output would keep crude and energy input costs high. That raises costs for feed producers and supports vegetable oil and biofuel-linked prices.
apnews.comCATHY BUSSEWITZSep 16, 2019After 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.
Describes the price spike from the supply disruption and the expectation that Middle East tensions will keep prices elevated.
Reports the price jump matching the 1991 Gulf War spike, with analysts expecting elevated prices.
