Oil Prices Shoot Up After Baghdad Air Strike – 2 January, 2020

Oil prices were at their highest since September after a U.S. airstrike killed military personnel in the Middle East that were actively planning attacks on Americans. The airstrike occurred at a Baghdad airport, killing Iraqi militia commander Abu Mahdi al-Muhandis and Iranian Major-General Qassem Soleimani, causing Brent crude futures to rise by as much as $3. In its highest since mid September, international Brent crude futures rose to $69.16 per barrel. U.S. West Texas Intermediate crude futures were up 2.9% to $62.94 per barrel, up $1.76, having reached its highest since May 1 of $63.84 in earlier trading. The price jump also came on Chinese data showing a growth in production and a good business pace.