
Media coverage focused on fears that Iran would block the Strait of Hormuz, which carries about 20% of global crude oil and LNG, or strike US military bases in the region. The article questions whether US military action or Iran's allies have more influence on crude prices.
Perceived supply-disruption risk in the Gulf adds a geopolitical premium to crude, which feeds through to diesel, fertilizer and freight costs for feed producers.
After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.