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Oil prices jumped on May 14 after Saudi Energy Minister Khalid al-Falih called a drone attack on two East-West pipeline pumping stations near Riyadh an act of terrorism. He said production was not interrupted.
Brent rose 1.7% to $71.39 and WTI settled up 1.2%.
Attacks on Gulf energy infrastructure raise the risk of supply disruption and lift crude prices. Higher energy costs increase diesel and freight expenses for feed supply chains.
cnbc.comNatasha TurakMay 14, 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.
