Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.40 | +0.40 | +0.40 | +0.45 | -0.42 | +0.45 | +0.45 | +0.45 | +0.17 | +0.55 | -0.05 | -0.12 |
Brent peaks near $86
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President Trump announced the U.S. withdrawal from the 2015 Iran nuclear deal, reinstating economic sanctions and escalating tensions with Iran. The move drew criticism from European allies and former President Obama, while Israel and Saudi Arabia welcomed it. Markets may face volatility due to potential disruptions in oil supply and heightened geopolitical risk in the Middle East.
The United States has become the world's largest crude oil producer, exceeding Russia and Saudi Arabia in 2018 due to rapid output growth in the Permian, Bakken, and Gulf of Mexico regions. This shift reflects increased U.S. investment since 2016 and could reshape global oil market dynamics, enhancing U.S. energy influence and altering OPEC+ market positioning.
Brent crude fell from a four-year high near $86 a barrel on October 3, 2018 to roughly $50 by late December, while WTI slid from about $77 to $42, declines exceeding 40%. Surging US shale output, US sanctions waivers on Iranian oil, and fears of slowing demand drove the sell-off. WTI's $42.53 close on December 24 was its lowest since 2017.