The oil price has on Friday risen by 4 per cent, following the United States airstrike which killed several Iraqi and Iranian military leaders including General Qassem Soleimani, Iran’s Quds force.
The Brent Crude Oil rose up by 4.4 per cent, nearly $3 at $69.16 per barrel, while West Texas Intermediate (WTI) rose by 2.9 per cent of $1.76 at $62.94 per barrel.
Based on past events, Iran would most likely retaliate and attack US assets or attack US allies like Saudi Arabia.
"At the direction of the President, the US military has taken decisive defensive action to protect U.S. personnel abroad by killing Qasem Soleimani, the head of the Iranian Revolutionary Guard Corps-Quds Force, a US-designated Foreign Terrorist Organization.
" The White House statement confirming the attack said.
"General Soleimani was actively developing plans to attack American diplomats and service members in Iraq and throughout the region," it added.
Meanwhile, experts foresee a further increase in the global oil price.