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Oil jumped 7% as Russian export disruption from Western sanctions outweighed hopes of more Iranian supply. Brent settled at $118.11 and WTI at $115.68, the highest closes since 2013 and 2008.
Washington was also weighing options to cut U.S. imports of Russian oil.
Sanctions on Russian crude are tightening global supply and lifting benchmark prices, which raises energy and freight costs for feed producers. A possible U.S. import ban would add further upward pressure.
cnbc.comReutersMar 4, 2022After 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.
Directly describes the 7% jump on March 4 with Brent settling at $118.11, driven by Russian export disruption from Western sanctions and the US weighing import cuts (supply).
Brent jumped 7% to settle at $118.11 on March 4 as Western sanctions disrupted Russian exports, directly driving the end of the 5-day window.
Brent settled up 7% at $118.11 on March 4 as Russian export disruption from sanctions outweighed Iranian supply hopes, a major leg of the weekly gain.
