Crude Oil prices affected by crisis in the Middle East

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Oil prices skyrocket in international market following the aftermath of the assassination of Iranian general, Qassem Suleimani.  

According to reports of Baaghi TV, immediately after the announcement of Qassem Suleimani’s death, oil prices in the international market have increased by an approximate four percent. Suleimani, who was on the United States list of terrorists, was a target of US drone strike on Baghdad International Airport earlier on Friday. Based on reports, following the assassination of the Iranian general, Brent Crude has reached $68.25 and US Crude has increased to $62.93.

READ MORE: Pentagon says sending 750 troops to Mideast after embassy attack in Iraq

Edward Moya, analyst at Oanda has stated, “The situation in the Middle East is becoming alarming, and we see the tensions and tensions between the pro-Iran parties in the US and Iraq continue to increase.” Moreover, Halima Croft, Head of the Global Commodity Strategy at RBC Market says, “there is a constant danger that the ongoing conflict between Iraq, the United States and Iran will become the backdrop”.

It should be noted that Iraq is the second largest oil producing country in OPEC (Organization of the Petroleum Exporting Countries). It is exporting approximately thirty-four million barrels of crude oil daily. Most of it is from the port of Basra in the south.

The United States is believed to have killed Iranian generals and other Iranian supporters in Iraq in a recent drone strike which has lead to Iran seeking revenge.

Iranian General targeted on Trump orders: Pentagon

Stay tuned to Baaghi TV for more updates.

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