# Oil trades near three-year high as Libya crisis tightens supply

> US crude traded near a 3.5-year high after a larger-than-expected drop in US stockpiles and a Libyan port disruption. Brent for August settled up 33 cents at $77.95.

- Date: 2018-06-28 · published 2018-06-28T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/64674-oil-trades-near-three-year-high-as-libya-crisis-tightens-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Libyan supply disruption combined with Iran sanctions risk and a US inventory draw tightens crude balances. Higher oil prices lift biofuel economics and vegetable oil values.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-29 | [Oil hits new multi-year high as market tightens on lost supply](https://feedsoft.ai/events/8782-oil-hits-new-multi-year-high-as-market-tightens-on-lost-supply.md) | +0.5% | -6.5% |
| WTI | 2022-01-19 | [Oil rises to 7-year high as Turkey outage adds to tight supply outlook](https://feedsoft.ai/events/43294-oil-rises-to-7-year-high-as-turkey-outage-adds-to-tight-supply-outlook.md) | +1.0% | +7.8% |
| WTI | 2018-09-29 | [Brent hits 4-year high as U.S. sanctions on Iran tighten supply](https://feedsoft.ai/events/63234-brent-hits-4-year-high-as-u-s-sanctions-on-iran-tighten-supply.md) | +1.5% | -7.7% |
| WTI | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -1.6% | -6.7% |
| WTI | 2022-04-18 | [Oil rises over 1% as Libya outages add to Russia supply fears](https://feedsoft.ai/events/42013-oil-rises-over-1-as-libya-outages-add-to-russia-supply-fears.md) | -4.0% | +3.4% |
| SBO | 2022-02-23 | [Ukraine crisis threatens sunoil supply, fuels vegoils rally](https://feedsoft.ai/events/8757-ukraine-crisis-threatens-sunoil-supply-fuels-vegoils-rally.md) | +3.8% | -0.7% |
| SBO | 2026-03-09 | [Crop Prices Jump as War Snarls Trade and Risks Tightening Supply - Bloomberg](https://feedsoft.ai/events/20242-crop-prices-jump-as-war-snarls-trade-and-risks-tightening-supply-bloomberg.md) | -0.7% | -1.2% |
| SBO | 2016-12-12 | [Oil surges to 1 1/2-year high, Fed rate increase looms](https://feedsoft.ai/events/73621-oil-surges-to-1-1-2-year-high-fed-rate-increase-looms.md) | -0.0% | -3.6% |

## Sources

- gulfnews.com: https://gulfnews.com/business/markets/oil-trades-near-three-year-high-as-libya-crisis-tightens-supply-1.2243822

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