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Brent rose $2.25 to $86.83 on fears that the Israel-Gaza conflict could disrupt Middle East output. Israel ordered Chevron to pause production at the Tamar gas field, while the Leviathan field continued to operate.
Concern about a wider conflict involving major producers such as Iran and Saudi Arabia supports crude prices. The Tamar gas pause also tightens Israeli gas supply.
bbc.comAnnabelle LiangOct 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.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% 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.
