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%.

Since you’re here …

… we have a small favour to ask. More people are reading Al-Sahawat Times than ever but advertising revenues across the global media industry are falling fast. And unlike many news organisations, we haven’t put up a total paywall. We want to keep our journalism as open as we can. So you can see why we need to ask for your help. Al-Sahawat Times’ independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe truly ethical media and an unbias perspective really matters.

“I appreciate there not being a paywall: it is more democratic for the media to be available for all and not a commodity to be purchased by a few. I’m happy to make a contribution so others with less means still have access to information.”

If everyone who reads our reporting, who likes it, helps fund it, the future of ethical media and the futures of our staff and their families would be much more secure. For as little as £1, you can support Al-Sahawat Times and it only takes a minute. Thank you.

This story is available on:


Talk to a journalist

Email: NewsDesk@alsahawat.com

Web: alsahawat.com

Follow Al-Sahawat Times

⬆️ Follow on Instagram

⬆️ Follow on Twitter

⬆️ Follow on LinkedIn

⬆️ Follow on Facebook

⬆️ Follow on YouTube

Read it on APPLE NEWS

Read it on FLIPBOARD

About the Author

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