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U.S. crude rose 3.6% to settle at $70.53 after the State Department said buyers must cut Iranian oil imports to zero by November. Brent also climbed, and an API report showed a large inventory decline.
A mandated end to Iranian imports removes meaningful supply from the market, pushing crude and related energy costs higher.
cnbc.comFred Imbert, Tom DiChristopher, Patti DommJun 26, 2018
moneyweb.co.zaNompu SizibaJun 27, 2018
ogj.comPaula DittrickJun 27, 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.
After 110 past bullish geopolitics events, Soybean Oil moved a median +1.8% over 5 sessions (65% higher; middle half -0.7% to +3.6%), and -0.4% 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.
State Department demand that buyers cut Iranian imports to zero by November threatens a large supply loss, lifting WTI 3.6% on 6/26 inside the window.
