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

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.

January 03, 2020 07:57 am | Updated 12:08 pm IST - SINGAPORE:

This Oct. 9, 2018, file photo shows an oil rig and pump jack in Midland, Texas.

This Oct. 9, 2018, file photo shows an oil rig and pump jack in Midland, Texas.

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.

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