Loading…
US crude settled up $2.08, or 3%, at $71.14 a barrel on May 9 after President Trump withdrew from the Iran nuclear deal and announced the highest level of sanctions on Iran. WTI hit its highest level since November 2014, and Brent touched $77.43.
Saudi Arabia said it would work with other producers to offset any supply shortfall.
Renewed sanctions on Iran, an OPEC exporter of about 2.5 million barrels a day, tighten global supply at a time when the market is balanced. Higher crude raises freight, fertilizer and energy costs and supports biofuel demand.
cnbc.comReutersMay 9, 2018After 626 past bullish geopolitics events, 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, 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.
