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Unsold Atlantic Basin crude has halved in recent weeks as refiners seek replacement barrels before US sanctions on Iranian oil return in early November. Iran's exports are already falling, and an analyst expects Brent to move into the high $70s.
A tightening physical market from Iran sanctions points to firmer crude prices, which supports energy costs across feed supply chains. The effect depends on how much Iranian supply is actually lost.
energynow.comAug 31, 2018After 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.
After 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.
