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Oil prices jumped more than $3 on Monday, March 21, 2022, with Brent climbing above $111 a barrel. European Union nations were considering joining the United States in a Russian oil embargo, and a weekend attack on Saudi oil facilities added to the pressure.
A possible EU embargo on Russian crude and an attack on Saudi infrastructure tighten global supply, pushing crude and energy costs higher and feeding through to feed input and transport costs.
reuters.comNoah BrowningMar 21, 2022After 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.
After 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.
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.
March 21 jump of over $3 as the EU weighed a Russian oil embargo and a Saudi facility was attacked drove the rebound within the 5-day window (supply risk).
March 21 EU consideration of a Russian oil embargo plus the attack on Saudi oil facilities lifted Brent above $111, adding to the 5-day rally.
