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."
Fears that Iran could strike back at oil and gas facilities important to the U.S. and its Persian Gulf allies stem from earlier attacks widely attributed to Iran. Compared to other methods of attack, targeting energy sites also "doesn't kill a lot of people," Krane said. "It's capital-intensive, it's not people-intensive. It's a safer option in terms of the virulence of reprisal."
Brent crude was up $1.02 at $69.62 a barrel, having rise almost 6% since before the Iranian general's killing.
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