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Dubai and Oman sour crude benchmarks have traded above Brent since early February, an unusual move. US sanctions on Venezuelan and Iranian oil, along with OPEC output cuts, have tightened supply of medium and heavy sour crude.
Tighter sanctioned supply raises crude costs and energy inflation for feed producers, and it signals a supply squeeze that tends to support prices across energy markets.
energynow.comFeb 11, 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.
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.
