Oil Tops $70 As Middle East Tensions Rattle Markets
Crude oil prices climb 5% after the U.S. assassination last week of Iranian commander Qassem Soleimani.
David Sheppard, Simeon Kerr and Daniel Shane, Financial Times
The U.S. has warned of increased threats to energy facilities in the Middle East. (Source: Shutterstock.com)
Oil prices surpassed $70 a barrel on Jan. 6 for the first time in more than three months as the U.S. warned of increased threats to energy facilities in the Middle East, after the assassination of an Iranian general last week.
Brent crude, the international benchmark, was up 2.1% at $70.07 in early European trading, having risen as high as $70.74 in Asian trade. Brent has climbed more than 5% since a U.S. air strike killed Qassem Soleimani in Iraq on Jan. 3.
The latest gains followed a weekend of threats between Washington and Tehran, bringing the pair closer to conflict and raising tensions throughout the Middle East.