Oil price jumps on fear of Iranian retaliation against US
Source: AP
By CARLO PIOVANO
LONDON (AP) — The price of oil surged Friday on concerns that Iran might respond to the killing of its top general by the United States by disrupting global supplies of energy from the Middle East.
News that Gen. Qassem Soleimani, head of Iran’s elite Quds Force, was killed in an air attack at the Baghdad international airport prompted expectations of Iranian retaliation against U.S. and Israeli targets.
Amid past flare-ups with the U.S., Iran threatened the supply of oil that travels from the Persian Gulf to the rest of the world. About 20% of oil traded worldwide goes through the Strait of Hormuz, where the shipping lane is only 3 kilometers (2 miles) wide and tankers have come under attack this year.
The international benchmark for crude oil jumped 4.5%, or $2.98, to $69.23 a barrel in London trading. The U.S. contract was up 4.3%, or $2.60, to $63.78.
FILE - In this file photo dated 1990, Aramco refinery at Ras Tannura, Saudi Arabia. The price of oil surged Friday Jan. 3, 2020, as global investors were gripped with uncertainty over the potential repercussions and any retaliation, after the United States killed Iran's top general Qassem Soleimani.(AP Photo/FILE)
Read more: https://apnews.com/926b5339940cc3bf79aced093ef225d8
= new reply since forum marked as read
