Brent and WTI rose more than $2 a barrel on Thursday, recovering from Wednesday's drop of over 8% to the lowest settlements since August 31. Investors reassessed the US-Israeli war with Iran while new attacks on tankers in the Gulf kept supply worries alive.
Oil is a major input to feed transport, fertilizer and energy costs, so swings in crude feed into grain, soymeal and diesel pricing. The rebound shows the market still carries a war risk premium that could reverse quickly.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.