Top Iranian general killed by U.S airstrike, oil prices soar

Top Iranian general killed by U.S airstrike, oil prices soar

Crude Oil prices skyrocketed early on Friday after U.S. forces killed in a drone attack one of Iran’s most powerful and visible military leaders, Qassem Soleimani. According to Pentagon reports, President Trump had approved the attack late Thursday night, and general Soleiman died in an airstrike together with Iraqi militia commander and advisor to Soleimani, Abu Mahdi al-Muhandis.

After the shocking news came out, several bank representatives responded to Bloomberg: Kit Juckles from Societe Generale SA said that “gold emerged as a winner as tension increases, and oil prices are higher too. [..] in the FX market, safe havens and oil-sensitive currencies benefit but it’s the yen which is the clear winner.”

Valentin Marinov from Credit Agricole SA noted this could “dash market hopes for a rebound of the global economy that is still to emerge from under the cloud of the U.S.-China trade war”, while ING Group NV analyst Antoine Bouvet stated that “the bid in U.S. Treasuries and bonds should last at least into next week.”

Mizuho Bank Ltd. Ken Cheung noted that “the reversal of risk-on sentiment will keep Asian FX under pressure. The USD Index also appeared to find a footing.”

Responding to the strike, Iran threatened on Friday to hit back hard, while Iraq’s prime minister said Washington had violated a deal for keeping U.S. troops in his country, adding that “harsh revenge awaited the “criminals” who killed Soleimani.”


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Sources: marketwatch.com, bloomberg.com, reuters.com

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