(LiveMint)
Oil extended its dramatic price surge from Friday as the fallout between the U.S. and Iran escalated after the assassination of one of the Islamic Republic’s most powerful generals. Futures are up about 6% since Friday, trading above $70 a barrel in London, as the U.S. State Department said there’s “heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia. Iran said on Sunday it no longer considers itself bound by the 2015 nuclear deal negotiated with the U.S. and other world powers in the fallout from the killing of General Qassem Soleimani.
Oil’s rising after a more than 20% gain in 2019, as the warning followed a weekend of bellicose rhetoric. President Donald Trump said he was prepared to strike “in a disproportionate manner” and attack more than 50 Iranian sites if Tehran retaliates against the killing of Soleimani, while the Middle East nation said it has to “settle a score with the U.S.”
