Oil price climbs fast Wednesday after the Pentagon said Iran attacks airbases in Iraq that houses the United States military. Iran used more than a dozen ballistic missiles.
US crude was last up to more than 1.2% to over $63 a barrel, coming down from a 4% spike earlier. Brent crude, a global oil benchmark, was last up 1.6% to about $69 a barrel.
These attacks were the response of Iran to the killing of the top Iranian Qasem Soleiman in Baghdad last week. Iran called that attack as an “act of war” and they vowed a response.
Oil price soar after the attacks
Matt Smith, director of commodity research at ClipperData said.
It comes as no surprise that there has been a reprisal from Iran — the concern is that this is just the sign of things to come.
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President Donald Trump who previously visited one of the bases attacked briefed on the missile attacks. The Pentagon said that they are working on a solution to solve the problem. They will also take all necessary measures to protect the US personnel in the areas.
A spike in the oil prices could deal a toll on the world economy. Let’s just hope that this will end soon and peacefully.