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Oil Jumps After U.S. Strike Kills Top Iranian Commander in Iraq
https://www.bloomberg.com/news/articles/2020-01-02/oil-set-for-first-weekly-decline-in-five-before-inventory-data
By Saket Sundria
January 2, 2020, 6:53 PM EST Updated on January 2, 2020, 9:27 PM EST
Oil spiked as tensions in the Middle East flared after a U.S. strike near Baghdad international airport killed a top Iranian general.
Futures in New York and London surged more than 4% after the attack. The strike killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force, according to two people familiar with the matter. U.S. Defense Secretary Mark Esper said Thursday that America was ready to deploy more force in Iraq after an attack on its embassy in Baghdad this week.
The U.S. and Iran are already facing off over President Donald Trump’s crippling economic campaign against Tehran and suspected Iranian reprisals. Saudi Arabia’s energy facilities as well as foreign tankers in and around the Persian Gulf have been the target of several attacks over the past year -- a region that includes OPEC’s five biggest producers.
“I expect tensions in the region to now intensify,” said Howie Lee, a Singapore-based economist at Oversea-Chinese Banking Corp. “Going into an election year in the U.S., the maximum pressure campaign by President Trump on Iran may intensify further.”
</snip>
By Saket Sundria
January 2, 2020, 6:53 PM EST Updated on January 2, 2020, 9:27 PM EST
Oil spiked as tensions in the Middle East flared after a U.S. strike near Baghdad international airport killed a top Iranian general.
Futures in New York and London surged more than 4% after the attack. The strike killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force, according to two people familiar with the matter. U.S. Defense Secretary Mark Esper said Thursday that America was ready to deploy more force in Iraq after an attack on its embassy in Baghdad this week.
The U.S. and Iran are already facing off over President Donald Trump’s crippling economic campaign against Tehran and suspected Iranian reprisals. Saudi Arabia’s energy facilities as well as foreign tankers in and around the Persian Gulf have been the target of several attacks over the past year -- a region that includes OPEC’s five biggest producers.
“I expect tensions in the region to now intensify,” said Howie Lee, a Singapore-based economist at Oversea-Chinese Banking Corp. “Going into an election year in the U.S., the maximum pressure campaign by President Trump on Iran may intensify further.”
</snip>
...and this is the least scary of all the consequences expected from the assassination.
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