Oil Price Rises as U.S.-Iran Tension Escalates
CBJ — World oil prices are up another 2% with Brent crude rising above $70 a barrel after U.S. President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East.
Trump also made it clear that the U.S. will strike Iran with strong military force if there is any retaliation for the killing of a high ranking Iranian general in a drone strike in Baghdad, Iraq. The U.S. government claims the airstrike that killed Qasem Soleimani was necessitated due to his planning attacks against the U.S. and its allies.
Soleimani was widely seen as the second most powerful figure in Iran, behind the Ayatollah Khamenei. But the U.S. says he was responsible for the deaths of hundreds of Americans and many thousands of Iranians and Iraqis.