NEW DELHI : Crude oil prices jumped more than 4% on Friday, the highest since September, after a US airstrike killed a key Iranian military leader in Baghdad, fuelling concerns that escalating tensions between the Persian Gulf nation and the US may disrupt oil supplies.
Brent crude price rose to $69.2 per barrel during the day, up 4.39% against the previous close of $66.3 per barrel.
“After easing of tensions between the US and China, and output cuts undertaken by OPEC and its allies, crude oil prices were already on a rally. Now, coupled with the US airstrike, the price of Brent has the potential to increase and cross the $70 a barrel mark in the coming few days, depending on the retaliation planned by the Iran government and the longevity of the feud continued by both the countries,” said Care Ratings in a note on Friday.
