Crude Oil 70$ Per Barrel. Oil Prices increases dramatically from friday as the fallout between United States and Iran after killing of a top general Qasem Soleimani of Iran.
Crude Oil 70$ a barrel in London
Futures are up about 6% since Friday, trading above $70 a barrel in London, as the U.S. State Department said there’s “heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia. Iran said on Sunday it no longer considers itself bound by the 2015 nuclear deal negotiated with the U.S. and other world powers in the fallout from the killing of General Qassem Soleimani.
Oil’s rising after a more than 20% gain in 2019
Oil’s rising after a more than 20% gain in 2019, as the warning followed a weekend of bellicose rhetoric. President Donald Trump said he was prepared to strike “in a disproportionate manner” and attack more than 50 Iranian sites. If Tehran retaliates against the killing of Soleimani, while the Middle East nation said it has to “settle a score with the U.S.”
“Oil will remain on tenterhooks, ready to jump higher with every headline indicating a turn for the worse,” said Vandana Hari, founder of Vanda Insights in Singapore. “The U.S. and Iran traded sequentially bigger threats over the weekend. Tehran has pulled out of the 2015 nuclear deal.
Brent for March settlement jumped as much as 2.2%, or $1.51, to $70.11 on ICE Futures Europe and was at $70.04 at 9:11 a.m. in Singapore. The contract surged 3.6% on Friday to end the session at the highest since Sept. 16.
West Texas Intermediate for February delivery rose as much as 1.9% to $64.27 on the New York Mercantile Exchange and traded $1.14 higher at $64.19.