Source: Mat O’Brian, The Associated Press, January 6, 2020
The global benchmark for crude oil rose above US$70 a barrel on Monday for the first time in over three months, with jitters rising over the escalating military tensions between Iran and the United States.
The Brent contract for oil touched a high of $70.74 a barrel, the highest since mid-September, when it briefly spiked over an attack on Saudi crude processing facilities. Stock markets were down as well amid fears of how Iran would fulfil a vow of “harsh retaliation.”
“The market is concerned about the potential for retaliation, and specifically on energy and oil infrastructure in the region,” said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency.
Image Source: Global News
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