The price of oil surged on Friday as global investors were gripped with uncertainty over the potential repercussions after the United States killed Iran’s top general.
News that Gen Qassem Soleimani, head of Iran’s elite Quds Force, was killed in an air attack at the Baghdad international airport prompted expectations of Iranian retaliation against US and Israeli targets.
In previous flare-ups in tensions with the US, Iran has threatened the supply of oil that travels from the Persian Gulf to the rest of the world.
About 20 per cent of oil traded worldwide goes through the Strait of Hormuz, where the shipping lane is only 3 kilometers (2 miles) wide and tankers have come under attack this year. The international benchmark for crude oil jumped 4.1 per cent, or $2.70, to $68.95 a barrel in London trading.
