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US crude settled down $1.67, or 2.4%, at $69.06 on May 8 after President Trump announced the US would withdraw from the 2015 Iran nuclear deal and reinstate sanctions. The contract had earlier fallen 4.38% before paring losses on heavy volume.
Brent settled down 47 cents at $75.71, after touching $76.34 on May 7.
The sanctions announcement raises the risk of undersupply from Iran, which supports crude prices. The intraday reversal suggests the market is weighing the risk of supply loss against demand concerns.
cnbc.comTom DiChristopher, Thomas FranckMay 8, 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.
