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Mon, 30 Mar 2020

Northeast Today

US-Iran conflict: Oil prices reach $69.50 per barrel; highest in more than 3 months

US-Iran conflict: Oil prices reach $69.50 per barrel; highest in more than 3 months
January 04
13:34 2020

NET Bureau

Oil prices jumped to the highest level in more than three months on Friday after the United States killed a top Iranian military commander in Iraq, sparking fears that escalating conflict in the region could disrupt global oil supplies.

An air strike at Baghdad airport killed Major-General Qassem Soleimani, architect of Iran’s spreading military influence in the Middle East, prompting Iran’s supreme leader, Ayatollah Ali Khamenei, to vow revenge.

Brent crude LCOc1 ended the session up 3.6% or $2.35 at $68.60 a barrel, off the session peak of $69.50, the highest level since the mid-September attack on Saudi oil facilities.

West Texas Intermediate (WTI) crude CLc1 settled up $1.87 or 3.1% at $63.05 a barrel. The session high was $64.09 a barrel, its highest since April 2019.

U.S. President Donald Trump on Friday said that Soleimani was planning to kill Americans.

Tensions between the United States and Iran have flared over the past year as Washington reimposed sanctions on Tehran and in the aftermath of a missile and drone attack on oil installations of the Saudi Aramco company for which U.S. officials blamed Iran

Source: NDTV

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