Oil prices jump after news of US airstrike that killed top Iranian general
Brent crude futures jumped close to $3 on Friday to their highest since September after a US air strike killed key Iranian and Iraqi military personnel.
"The supply side risks remain elevated in the Middle East and we could see tensions continue to elevate between the US and Iran-backed militia in Iraq," said Edward Moya, analyst at brokerage OANDA, in an e-mail to Reuters.SINGAPORE - Brent crude futures jumped close to $3 on Friday to their highest since September after a US air strike killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies.
US West Texas Intermediate crude futures rose $1.76, or 2.9%, to $62.94 a barrel. Earlier, it touched $63.84 a barrel, highest since May 1. An air strike at the Baghdad International Airport early on Friday killed Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and Iraqi militia commander Abu Mahdi al-Muhandis, an Iraqi militia spokesman told Reuters.Oil prices were also lifted by China's central bank saying on Wednesday it was cutting the amount of cash that banks must hold in reserve, releasing around 800 billion yuan in funds to shore up the slowing Chinese economy.
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