Oil prices up as Iran rocket strike on US forces jolts markets

09:37 AM | 8 Jan, 2020
Oil prices up as Iran rocket strike on US forces jolts markets
Share

LONDON - Oil prices hit its highest since September 2019 on Wednesday after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the specter of a spiraling conflict and disrupted oil supplies.

But prices cooled a fraction after the early heat as analysts said market tension could ease as long as oil production facilities remain unaffected by attacks.

Brent crude futures rose $1.56, or 2.3%, to $69.83 by around 0207 GMT, after earlier rising to $71.75, the highest since mid-September 2019.

West Texas Intermediate crude futures climbed $1.25, or 2%, to $63.95 a barrel. It earlier reached a high of $65.85, the most since late April last year.

Iran’s missile attack on US-led forces in Iraq came early on Wednesday, hours after the funeral of Qassem Soleimani, the commander of the country’s elite Quds Force killed in a US drone strike on January 3.

Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel, the US military said on Tuesday.- Agencies