Skip to content
  • About Us
  • Contact Us
  • Press Release

The Global News Press

Daily Source of Industry News & Updates !!

  • Top Stories
  • Health
  • Science
  • Technology
  • Press Release
  • Toggle search form

Oil spikes after Iran strike US targets in Iraq

Posted on January 19, 2020January 17, 2020 By Jorge Sipple No Comments on Oil spikes after Iran strike US targets in Iraq

Oil prices had initially spiked up after there were concerns when Iran fired rockets at military bases in Iraq. But as on Wednesday, the oil prices calmed down. Experts are saying that the oil prices are highly vulnerable right now due to the ongoing confrontation between Iran and the US.

Stock prices of crude oil had fallen by a fair margin but seemed to climb up gradually after Donald Trumpairstrikes the US President and Iran’s foreign minister signalled a period of calmness for now.

The prices of Brent Crude futures had gone up by 97 cents to 1.4% and finished at $69.24 after it had initially risen to $71.75 which was the highest since mid-September 2019.

Another benchmark the West Teas Intermediate crude futures went up to 82 cents which is roughly a growth of 1.3%. The prices per barrel stand at $63.52. Earlier during the day, it reached a high of $63.52 per barrel which was the highest rise since April last year.

Abid Ali, Al Jazeera’s economics coordinator told that the airstrikes by Iran on US targets in Iraq had sent the crude oil market into highly volatile and the prices went up.

Experts expected the Us markets to open on Wednesday on 1.7% down but the crude futures market brought stability due to US President Donald Trump’s tweet that ‘all is well’.

Iran had launched a scathing attack on US coalition forces in Iraq saying that it had fired nearly half a dozen missiles from Iranian territory. The attack was done by Iran to retaliate against the killing of Iran’s one of the most prolific military commander Qassem Soleimani. According to the US, he was considered to be a terrorist.

The attention of experts all around the world immediately turned to Straits of Hormuz in Iran from where roughly 34 million barrels of crude oil is shipped to the US every month.

Jorge Sipple
Jorge Sipple
Top Stories Tags:Oil spikes after Iran strike US targets in Iraq

Post navigation

Previous Post: CES 2020: Neal’s mixed reality glasses win over sceptics
Next Post: Porsche logs record global sales ahead of 2020 Tesla showdown

Related Posts

Global Purging Compound Market Estimated To Advance And Reach Above USD 625.33 Million During 2021–2028 Top Stories
Global Microphone Market Revenue To Hit US$ 2,388 Million By 2027 Top Stories
Global Algae Protein Market to witness exponential proliferation during 2020-2026 Digital Journal
Global Organic Soy Protein Market Revenue To Scale Up With USD 770 Million By 2028 Top Stories
Ecological Development Of Drugs Illuminating Chemical Reactions For Ecological Development Of Drugs Health
Field Service Management Software Market revenue, key players, size-share, dynamic, demand and drives forecast to 2027 Digital Journal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Data recoverers crack Apple’s M1 chip
  • Global Electrosurgical Generators Market Manufacturers and suppliers, Geographical insights and Competitive landscape 2022-2028
  • Global Biometric Payments Market Growth will Accelerate at CAGR value, SWOT Analysis and EBITA Analysis | Know More
  • Global Hyperhidrosis Treatment Market by Historical data, Financial reports of key industry players and Industry journals | Know More
  • Global Robo-Taxi Market by Industry experts, Strategic decision makers, Manufacturers and suppliers and Channel partners|Know More

Who We are

The Global News Press is a news platform that offers a detailed report on every global affair in a unique and conversational way. While we are one of the key news providers all across the world, the enormous number of our followers is the end product of our consistent, true, and trustworthy news reporting service. Besides covering all the happenings around the world only after checking the authenticity of each news report, we see that the platform is not used for the purpose of spreading hatred or propaganda.

Company

  • Home
  • Contact Us

Copyright © 2023 The Global News Press.

Powered by PressBook Grid Blogs theme