Launching attacks that can’t be easily linked back to Iran limits the chances of direct retaliation. directly blamed Iran, which denied involvement.
The strike briefly took out about half of the supplies from the world’s largest oil exporter. In September, Yemen’s Iran-backed Houthi rebels launched drone attacks on the world’s largest oil processing facility in Saudi Arabia. He noted that Iran’s response may not be limited to the Strait of Hormuz. “Revenge will come, maybe not overnight, but it will come and until then we need to increase the geopolitical risk premium,” said Olivier Jakob, head of consultancy Petromatrix, in a note to investors. The international benchmark for crude oil jumped 3.7 per cent, or $2.45, to $68.70 a barrel in London trading. About 20 per cent of crude traded worldwide goes through the Strait of Hormuz, where the shipping lane is only three kilometres (two miles) wide and tankers have come under attack this year. Qassem Soleimani, head of Iran’s elite Quds Force, was killed in an air attack at the Baghdad international airport prompted expectations of Iranian retaliation.ĭuring past flare-ups in relations with the U.S., Iran threatened the supply of oil that travels from the Persian Gulf to the rest of the world. If sustained, the rise in oil prices could lead to more expensive car fuel, heating and electricity bills, stifling the global economy at a time when it is already slowing. LONDON – The price of oil surged Friday on concerns that Iran might respond to the killing of its top general by the United States by disrupting global supplies of energy from the Mideast.
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