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Oil prices surge after US airstrike

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Oil prices surge after US airstrike

Oil prices jumped during Asia hours, after the United States confirmed that Iran’s top commander was killed in a U.S. airstrike in Baghdad.

The U.S. military took the “decisive defensive action to protect U.S. personnel abroad by killing Qasem Soleimani,” a statement by the U.S. Department of Defense confirmed on Thursday night.

The oil prices went up as much as 4% in the morning. During Asia time, Brent crude added around 3% to $68.25 per barrel, while U.S. crude surged 2.86% to $62.93 per barrel.

Meanwhile, U.S. futures dropped following that development. As of 3:15 a.m ET, Dow futures pointed to a lower open of more than 200 points, according to CNBC.

General Qassim Soleimani, who led a special forces unit of Iran’s elite Revolutionary Guards, was killed, Iraqi television and officials initially reported. He is a notable figure in Iranian politics and the US held him accountable for this week’s attack of the U.S. embassy in Baghdad.

“This brings us to the precipice of a full blown shooting war with Iran — not a shadow war or a proxy war…It is almost impossible to overstate the implications of this event,” Helima Croft, Head of Global Commodity Strategy, RBC Markets.

(Reference: CNBC)