Oil Price Rises 2% Due to Long-Tension in Middle East

Following the airstrike attacked last week, the oil price increased again more than 2% in this morning trading market.


The tension between Iran and U.S. following the airstrike attacked last week is getting escalated, the oil price increased again more than 2% in this morning trading market. Brent crude grew 2.3% to trade at $70.18 per barrel, whilst U.S. West Texas jumped 2.1% to $64.38 per barrel.

After the death of high-ranking commander Iranian Qasem Soleimani, the Iranian state-run television broadcast proclaimed that the country will no longer acknowledge uranium enrichment limits regarding 2015 nuclear agreement. The Iranian retaliation against U.S. marked more tension in this area, such as if the nation targets production in Saudi Arabia or Iraq, prices could increase prolonged.

Ed Morse, Citi global head of commodity research, commented that Brent prices will reach to $70 rapidly.  Likewise Again Capital’s John Kilduff giving an opinion that if Iraq production takes a hit “oil prices will spike higher.” Per geopolitics historical, many analysts suggested that it would have affected the oil price uplifted in a long period.

Back to top button