Oil hits $70 a barrel and US shares slump after US attack on Iran – Qassem Soleimani

al sahawat times oil prices


US assassination of Qassem Soleimani has resulted in falling share values and rising oil prices this Monday morning


One of the fall outs of Trumps insanity to hit the pockets of every American today is the fall in value of US shares and the price of oil hitting $70 a barrel.

The USD was down on FOREX indexes this morning as were the value of most major US shares. The price of oil also hit $70 a barrel for the first time since the Saudi oil refineries were attacked in September last year.

The financial backlash comes after the weekend’s assassination of Major General Qassem Soleimani of the Iranian army whilst on an official visit to Iraq. The assassination also killed a high ranking Iraqi official.

Iraq responded by ordering all US military and diplomatic personnel leave Iraq immediately.

US bases across Iraq and the US embassy in Bagdad have since come under rocket fire and Iran has cancelled its participation in its denuclearisation agreement. A move which could see Iran start to produce battle ready nuclear weapons before the end of the year.

Investors in the Middle-East and US will all be monitoring the situation closely as volatility and further escalation is likely to have a direct impact on the US economy and the personal finances of any investors.

Since November 2014 oil has only hit $70 per barrel a few times notably in the summer of 2019 during the Yemen-Saudi war escalation which saw oil refineries in Saudi Arabia hit with missiles bringing Saudi oil production down by 50%.

The current trading price of crude oil is $70.74 USD per barrel.

$70.74 represents more than a 2% rise overnight whilst Brent Oil has jumper more than 5%.


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About the Author

Caleb Simmons
Caleb Simmons | Journalist Since: 2003 | New York - Abu Dhabi - London - Barcelona

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