Oil prices soar, as the U.S-Iran conflict heats up

Oil prices soar, as the U.S-Iran conflict heats up

Oil prices continued to climb after hitting a seven-month high on Jan 3, supported by the U.S - Iran escalating tensions that ended up with Iranian Gen. Qassem Soleimani death in a drone attack ordered by President Trump.

West Texas Intermediate crude for February delivery was last up about 2% on Sunday before market close. The global benchmark, March Brent crude went above the $70-a-barrel mark following the U.S. Defense Department warning that there was a big risk of retaliatory Iranian attacks against Saudi oil facilities. President Trump had announced harsh sanctions against Iraq if the country decides to expel American troops and also threatened Iran should it strike back against the U.S.

In the meantime, U.S stocks tumbled down on Friday, with the Dow Jones posting its worst results in four weeks. The S& P 500 futures and Nasdaq futures also lost their earlier gains. Gold increased by more than 1% late Sunday, passing the $1,570 an ounce mark.

European equity markets were marked by sharp declines with DAX losing almost 1% and FTSE dropping more than half of percent.

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Source: marketwatch.com

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