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WTI rose 5.8% to settle at $87.70 and Brent climbed 5.7% to $90.89, the best day for WTI since April 3. The IEA said the war had not yet had a direct impact on physical supply but stood ready to act.
Fears that the fighting could affect regional production lift crude prices even without confirmed supply losses. Higher energy costs raise the cost of feed production and transport.
cnbc.comSam Meredith, Yun LiOct 13, 2023After 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.
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.
Reports Brent climbed 5.7% to $90.89 on geopolitical tensions, its best day since April, which describes the move itself and its geopolitical sentiment driver.
