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Published on 3/01/2020 8:37:08 AM | Source: Reuters

Oil prices jump $1 after U.S air strike kills Iran, Iraq military personnel

Posted in Commodity Top News| #Oil and Gas Sector #Commodity #US #Iraq

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By Seng Li Peng

SINGAPORE - Oil prices jumped more than $1 on Friday after a U.S. air strike killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies.

Brent crude futures were at $67.48 a barrel, up $1.23, or 1.86%, by 0202 GMT, and West Texas Intermediate (WTI) crude futures rose $1.03, or 1.68%, to $62.21 a barrel.

"The supply side risks remain elevated in the Middle East and we could see tensions continue to elevate between the U.S. and Iran-backed militia in Iraq," Edward Moya, analyst at brokerage OANDA, spoke to Reuters via email.

An air strike at the Baghdad International Airport early on Friday killed Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and Iraqi militia commander Abu Mahdi al-Muhandis, an Iraqi militia spokesman told Reuters.

(Reporting by Seng Li Peng and Florence Tan; Editing by Tom Hogue)