# Oil jumps 7% as Ukraine conflict offsets Iran supply hopes

> 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.

- Date: 2022-03-04 · published 2022-03-04T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/6284-oil-jumps-7-as-ukraine-conflict-offsets-iran-supply-hopes
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-04 | 1 | +7.1% | 3.1 | 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 | 2022-03-04 | 5 | +25.7% | 5.2 | 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 | 2022-03-07 | 5 | +23.6% | 5.8 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-03-02 | [Oil jumps as Iran conflict escalates, disrupts shipping](https://feedsoft.ai/events/8005-oil-jumps-as-iran-conflict-escalates-disrupts-shipping.md) | +31.0% | +62.6% |
| BRENT | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +12.3% | +35.0% |
| BRENT | 2024-10-03 | [Oil jumps over $3 a barrel as Middle East conflict stokes supply worry \| Reuters](https://feedsoft.ai/events/10023-oil-jumps-over-3-a-barrel-as-middle-east-conflict-stokes-supply-worry-reuters.md) | +3.3% | -2.0% |
| BRENT | 2026-07-24 | [Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder](https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply.md) | -10.4% | -9.4% |
| BRENT | 2026-08-31 | [Oil prices jump 4% as fresh US-Iran fighting stokes supply fears](https://feedsoft.ai/events/18067-oil-prices-jump-4-as-fresh-us-iran-fighting-stokes-supply-fears.md) | +10.8% | +22.9% |
| WTI | 2026-03-02 | [Oil jumps as Iran conflict escalates, disrupts shipping](https://feedsoft.ai/events/8005-oil-jumps-as-iran-conflict-escalates-disrupts-shipping.md) | +35.6% | +50.4% |
| WTI | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +16.5% | +35.8% |
| WTI | 2024-10-03 | [Oil jumps over $3 a barrel as Middle East conflict stokes supply worry \| Reuters](https://feedsoft.ai/events/10023-oil-jumps-over-3-a-barrel-as-middle-east-conflict-stokes-supply-worry-reuters.md) | +4.4% | -2.4% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/03/04/oil-markets-russia-ukraine-conflict.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.