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The price of oil spiked yesterday after Iran launched revenge attacks on US forces in Iraq, making good on its pledge to hit back over the killing of its top general.
The main US contract rocketed by more than 4,5 percent as fears over supplies in the tinderbox Middle East sent prices soaring.
The Pentagon said it was still “working on initial battle damage assessments” after bases at Ain al-Asad and Arbil in Iraq – which house US and coalition forces – were targeted by more than a dozen ballistic missiles.
There were no immediate reports on casualties. US President Donald Trump said the assessment was underway, but added on Twitter: “So far, so good”.
Iranian Foreign Minister Mohammad Javad Zarif said on Twitter that Tehran had “concluded proportionate measures in self-defence”.
“We do not seek escalation or war, but will defend ourselves against any aggression.”
West Texas Intermediate and Brent Crude later pared their gains. Early on Wednesday morning, WTI sat at $63,63 up 0,93 percent, and Brent was at $69,34, 1,10 percent up.
Oil markets have been unsettled since Friday’s killing in a US drone strike of Iranian general Qasem Soleimani, one of the most important figures in the country’s government. — Fin24.
Online Reporter