Oil prices surge after US strike kills Iranian general

Oil prices surge after US strike kills Iranian general

Representative image. (AFP Photo)

The prices of the benchmark Brent crude in the international markets surged on Friday morning after a military strike by the US killed a top Iranian general in Baghdad.

At the time of filing this copy, the Brent was trading at $68.16 a barrel, surging 2.88% over the Thursday’s close. 

"Trump's strike on General Qasem Soleimani of Iran is a big escalation in middle east conflict from the last decade. His influence stretched from Yemen, Syria, Iraq. Expect crude to boil if Iran retaliates," said Abhimanyu Sofat, Head of Research, IIFL Securities.

The strike, which occurred at Baghdad's international airport on Friday in Iraq, also killed the Deputy chief of Iraq's powerful Hashed al-Shaabi paramilitary force along with Soleimani.

Soleimani is among the top three leaders from a military perspective in Iran.

The move further escalates the geopolitical tensions between the US and Iran.

A pro-Iran mob this week laid siege to the US embassy following deadly American airstrikes on a hardline Hashed faction.

As a result of escalating tensions, the Indian rupee also opened 11 paise lower in the interbank foreign exchange market at 71.49 per US dollar. At the time of filing this copy, the rupee was trading at 71.54, down 16 paise. The crude oil prices, along with the foreign fund flow are the key determinants of the rupee movement.

DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)