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Brent and WTI rose more than 4% on Monday as the Israel-Hamas conflict entered its third day. Brent settled at $88.15 and WTI at $86.38, the biggest one-day gain for both since April 3.
Investors priced in risk to regional production, but analysts described the move as a likely temporary knee-jerk reaction. Energy-driven costs for feed producers rise in the short term.
cnbc.comLee Ying ShanOct 9, 2023After 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.
