Crude oil price rises to $69 per barrel after US attack on Iranian commander

Crude Oil Market
  • Crude oil prices jump 4% on Friday after U.S. airstrikes killed Iranian commander Qassem Soleimani 
  • Brent crude futures rise to $69 per barrel.
  • Tensions in the Middle East region may continue to trigger crude oil prices

Global crude oil prices jumped by 4% on Friday, January 3rd, 2019, following the killing of an Iranian commander and one of the most powerful military leaders, Qassem Soleimani during the U.S airstrikes.

Business Insider SSA checks showed that Brent crude futures (an international benchmark for crude oil) stood at $68.9 per barrel while US West Texas Intermediate (WTI) also stood at $63 per barrel, the highest since mid-September 2019.

According to aljazeera, General Qassem Soleimani was killed following a US air raid at Baghdad's international airport on Friday.

The attack followed a direct order from US President Donald Trump serving as a warning on 'future attacks' on U.S. diplomats throughout the region, the White House and the Pentagon, said.

The crude oil prices are expected to continue to rise as geopolitical tensions mount in the entire region.

In Nigeria, President Muhammadu Buhari-led government has pegged the 2020 budget on $57 per barrel for the global oil price.

The government also estimated crude oil production of 2.18m barrels per day. Any upshoot in the price of crude oil in the global market means more revenue for an economy that relies heavily on oil output.

The United Nations called for caution and advocated or de-escalation in the Gulf.

“This is a moment in which leaders must exercise maximum restraint. The world cannot afford another war in the Gulf,” Deputy Spokesman for the Secretary-General - on events in the Gulf, Farhan Haq, said.

France, Russia, and China also condemned the killing of Soleimani, describing it as a destabilizing act.

Reuters reported that Iran has vowed revenge after a U.S. airstrike in Baghdad killed Qassem Soleimani, commander of Iran’s elite Quds Force and architect of its growing military influence in the Middle East.

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